Bloomberg News

European Stocks Slip as Fed Cuts Growth Forecast; Bayer Retreats

June 23, 2011

June 23 (Bloomberg) -- European stocks declined after Federal Reserve Chairman Ben S. Bernanke cut the central bank’s growth forecast for the world’s largest economy and didn’t signal further stimulus. U.S. futures and Asian shares dropped.

Holcim Ltd. fell 1.4 percent as Exane BNP Paribas advised selling shares of the world’s second-biggest cement maker. Bayer AG slumped 4.5 percent as a study showed rivals Pfizer Inc.’s and Bristol-Myers Squibb Co.’s experimental blood thinner apixaban performed as well as a traditional treatment at preventing strokes in patients with irregular heartbeats.

The Stoxx Europe 600 Index Index dropped 0.3 percent to 267.25 at 8:06 a.m. in London. The gauge has tumbled 8.3 percent from this year’s peak on Feb. 17 as U.S. economic data trailed forecasts and concern mounted that Greece will fail to repay all its debt. Futures contracts on the Standard & Poor’s 500 Index futures expiring in September retreated 0.3 percent. The MSCI Asia Pacific Index declined 0.7 percent.

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


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