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European close: US data adds to woes
Wed, 08 Feb, 2012
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European close: US data adds to woes
Tue, 24 Aug 2010, 16:19:00
Monday's cautious advance was short-lived as European shares closed sharply lower following a bigger than expected fall in US home sales in July. Sales of previously owned homes fell to 3.83m in the year to July, a 27% annual decrease and the slowest rate since 1995. Analysts had been expecting a much milder fall of about 13%. Across the European markets, the Dax in Frankfurt dropped 75 points to 5,935, while the Cac in Paris fell back 62 points 3,491. Banks were among the worst performers, with <b>Deutsche Bank, Commerzbank, Credit Agricole</b> and <b>Societe Generale</b> all stuck in the red. Energy companies including <b>Total, ENI</b> and<b> BP</b> were also on offer. Increased production volumes and higher prices contributed to a sharp increase in underlying net earnings at copper miner <b>Antofagasta</b> in the first half of 2010. The full year copper production target was trimmed to 530,000 tonnes, however, and shares in the miner and peers <b>BHP Billiton</b>, <b>Kazakhmys</b> and <b>Vedanta</b> were lower. The city watchdog has slapped the UK branch of <b>Zurich Insurance</b> with a £2.28m fine following the loss of 46000 policy holders' personal details. The Financial Services Authority (FSA) said it fined Zurich for failing to have adequate systems and controls in place to prevent the loss of customers' confidential information. Irish airline <b>Aer Lingus</b> moved back into profit in the quarter to June 30 after cutting costs in the face of the downturn, which has been particularly acute in Ireland. On the M&A front, South Korea's state-run oil company <b>KNOC</b> confirmed press reports that it doesn't intend to increase its £18 a share cash bid for <b>Dana Petroleum</b>. The group said it reserves its right to increase its offer if a competitive situation arises, including an offer from a third party; with the recommendation of the board of the Aberdeen-based oil company; or if Dana announces any material new information.
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