Bloomberg News

European Stocks Erase Gains; TomTom Plunges as Prudential Gains

June 28, 2011

June 28 (Bloomberg) -- European stocks erased gains as Greek Prime Minister George Papandreou called on his country’s lawmakers to back tougher austerity measures. Asian shares advanced and U.S. futures dropped.

TomTom NV plunged 29 percent after cutting full-year profit and sales forecasts as U.S. demand for its devices declined. Standard Chartered Plc rose 1.6 percent after the U.K.’s third- largest bank by market value said first-half profit before taxes may post “double-digit” growth from a year earlier. Prudential Plc climbed 1.8 percent after Goldman Sachs Group Inc. upgraded the U.K.’s largest insurer to “buy.”

The benchmark Stoxx Europe 600 Index slid 0.1 percent to 263.67 at 10:17 a.m. in London. Since its peak this year on Feb. 17, the gauge has still tumbled 9.4 percent as investors speculated that Greece will fail to repay all its debt. The retreat has left the measure trading at the cheapest valuation compared with reported profits since 2008, according to data compiled by Bloomberg.

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


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