Bloomberg News

European Stocks Slide; Carrefour, Tod’s, Technology Shares Drop

June 17, 2011

June 17 (Bloomberg) -- European stocks declined, with the Stoxx Europe 600 Index heading for its longest weekly losing streak in more than three years, as concern escalated that Greece will default on its sovereign debt. Asian stocks slipped and U.S. futures were little changed.

Technology shares fell after Research In Motion Ltd., the maker of the BlackBerry smartphone, cut its profit forecast. Carrefour SA slumped 4.7 percent after saying results in France failed to meet the company’s own expectations. Tod’s SpA declined 1.9 percent after Morgan Stanley downgraded the shares of the luxury-goods company.

The Stoxx 600 lost 0.6 percent to 265.04 at 8:04 a.m. in London. The benchmark has dropped 9 percent since this year’s high on Feb. 17 as a slowdown in U.S. job creation suggested the economic recovery is faltering and speculation grew that Greece will default on its debt. The index is heading for its seventh week of losses, the longest losing streak since January 2008. Volatility may be unusually high today as index options expire throughout Europe.

To contact the editor responsible for this story: Will Hadfield at whadfield@bloomberg.net


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