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European stocks fall as ECB signals higher rates
Published in Saudi Press Agency on 08 - 02 - 2007


European shares fell on
Thursday as prospects of further euro zone interest rate hikes
weighed on the markets and commodity prices eased, Reuters reported.
The European Central Bank (ECB) and the Bank of England both
left benchmark borrowing rates unchanged at 3.5 percent and 5.25
percent respectively.
ECB President Jean-Claude Trichet said rates were low,
liquidity was ample and "strong vigilance remains of the
essence", comments taken by markets as a sign euro zone interest
rates will rise next month.
"The ECB disappointed those who had hoped for a clear signal
that the ECB would pause after another rate hike," said
Heinz-Gerd Sonnenschein, a strategist at Postbank.
Anne-Kristin Yasuda, strategist at Landesbank Berlin said:
"We think the biggest risk to inflation at the moment are the
ongoing wage negotiations (in Germany). If wages rise too
strongly, the ECB could continue to increase interest rates."
The FTSEurofirst 300 index of top European shares closed
0.83 percent lower at 1,534.21 points, short of a six-year high
it had reached in the previous session.
Among national indexes, Britain's FTSE 100 was down 0.36
percent, Germany's DAX was down 0.56 percent and France's CAC 40
was off 0.66 percent.
Crude oil edged up slightly, rising 0.6 percent to $58.05 a
barrel.
European mining stocks were among the top decliners as
commodity prices came under pressure. Copper finished 0.2
percent lower and zinc 2 percent lower in London.
Xstrata and Lonmin fell 2.1 percent. Antofagasta was down
1.9 percent.
Earlier in the day, a profit warning by HSBC, which came
late on Wednesday, pushed stock in Europe's biggest bank to a
9-month low.
Worries about Unilever's 2007 forecast sent down shares in
the consumer goods giant, and a weaker dollar hurt agrochemicals
group Syngenta.
On the upside, GlaxoSmithKline rose 1.6 percent as Europe's
biggest drugmaker gave an upbeat guidance for 2007.
German pay-TV broadcaster Premiere jumped 19.25 percent
after announcing a deal with Arena, which has the broadcasting
rights to Germany's top-flight Bundesliga soccer league.


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