European retail stocks drop
Wednesday, 20 June 2007
LONDON, June 19 (Bloomberg): European retail stocks fell after Tesco Plc, the U.K.'s largest supermarket operator, predicted a ``tougher year'' because of higher interest rates and increased competition. Marks & Spencer Plc and Carrefour SA paced the decline.
Ryanair Holdings Plc tumbled after Europe's largest low-cost airline cut prices on 3 million seats. Invensys Plc gained after Citigroup Inc. recommended buying shares of the maker of Whirlpool washing machines on prospects for higher profitability. Thales SA rose the most in three months after the defense company was shortlisted for a $2.7 billion contract from the US Navy.
Rising interest rates ``is one of the main concerns that is being reflected in the market,'' said Mike Lenhoff, who helps oversee about $36 billion as chief strategist at Brewin Dolphin Securities Ltd. in London. ``The environment could get tougher.''
Ryanair Holdings Plc tumbled after Europe's largest low-cost airline cut prices on 3 million seats. Invensys Plc gained after Citigroup Inc. recommended buying shares of the maker of Whirlpool washing machines on prospects for higher profitability. Thales SA rose the most in three months after the defense company was shortlisted for a $2.7 billion contract from the US Navy.
Rising interest rates ``is one of the main concerns that is being reflected in the market,'' said Mike Lenhoff, who helps oversee about $36 billion as chief strategist at Brewin Dolphin Securities Ltd. in London. ``The environment could get tougher.''