Bloomberg News

European Stocks Erase Gains; RWE Slides as PPR Shares Advance

July 08, 2011

July 8 (Bloomberg) -- European stocks erased their gains, paring a second weekly advance for the Stoxx Europe 600 Index, before a U.S. Labor Department report that may show the world’s largest economy hired more workers in June. Asian shares climbed, while U.S. index futures retreated.

PPR SA climbed 2.1 percent as people with knowledge of the matter said buyout firms may bid for the luxury-goods company’s Redcats unit. Daily Mail & General Trust Plc advanced 1 percent after News Corp. said it will close rival tabloid News of the World following a phone-hacking scandal. RWE AG retreated 3.6 percent after a report that the utility’s supervisory board may discuss a share sale in August.

The Stoxx 600 slid less than 0.1 percent to 275.81 at 10:51 a.m. in London. The gauge is headed for a 0.3 percent advance this week. The benchmark measure has slumped 5.3 percent from this year’s high on Feb. 17 on concern that the euro area’s sovereign-debt crisis will derail its economic recovery.

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


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