By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets were on track for
a third straight day of losses on Tuesday, as concerns about global
growth remained in the spotlight after Germany's ZEW index missed
expectations.
The Stoxx Europe 600 index shed 0.3% to 289.56, adding to a 0.7%
loss from Monday.
Among major decliners, shares of LVMH Moët Hennessy Louis
Vuitton dropped 3.3% in Paris, after the luxury retailer posted
sluggish sales growth at its main fashion and leather goods
businesses.
On a more upbeat note, Danone SA climbed 3.8%, as the yogurt
maker said sales in the Asia-Pacific, Latin America, Middle East
and Africa regions offset weakness in the European market.
For the broader stock markets, investors focused on data coming
out of Germany, where the ZEW economic sentiment indicator fell to
a lower-than-expected 36.3 level in April from 46.5 a month
earlier. The index, which measures investors' expectations for the
coming six months, was forecast to fall to 43.0.
The disappointing report added to worries over recent
macroeconomic data pointing to a slowdown in the global economic
recovery. On Monday, China posted first-quarter
gross-domestic-product growth below expectations and the New York
Fed's Empire State index fell to the slowest reading since
January.
Asia stocks closed lower on Tuesday, while U.S. stock futures
pointed to a higher open on Wall Street.
Back in Europe, drug makers added pressure, pulling back after
being among few sectors climbing into black territory on Monday.
Shares of Novartis AG (NVS) gave up 1.6%, Roche Holding AG dropped
1.6% and GlaxoSmithKline PLC (GSK) slipped 1.4% in London.
The U.K.'s FTSE 100 index declined 0.6% to 6,306.13, further
pressured by Associated British Foods PLC shaving off 2.6%, after
Credit Suisse cut the firm to neutral from outperform.
Mining firms were mostly higher, recouping after a broad-based
selloff the prior day triggered by weak Chinese data and large
declines in metals prices. Fresnillo PLC gained 2.8%, Eurasian
Natural Resources Corp. added 4.2% and Rio Tinto PLC (RIO) picked
up 1.4%. Metals prices were mixed.
France's CAC 40 index gave up 0.7% to 3,685.03, while Germany's
DAX 30 index lost 0.7% to 7,661.60.
Outside the major indexes, Akzo Nobel NV climbed 1.5%, after ING
lifted the paints and coatings firm to buy from hold, citing the
potential for "perfect tailwinds" in 2013 and 2014 to bring
positive earnings surprises.
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