European stocks drop
Tuesday, 26 June 2007
LONDON, June 25 (Bloomberg) -- European stocks declined for a third day, led by financial shares and utilities, after the Bank for International Settlements said central banks will need to keep raising interest rates to quell inflation.
Deutsche Bank AG, Germany's largest bank, and French utility Gaz de France SA paced the drop. France Telecom SA fell the most in two weeks as the French government began selling shares worth as much as 3.8 billion euros ($5.1 billion). Anglo American Plc and Antofagasta Plc led mining companies lower after Cazenove downgraded the stocks.
The Dow Jones Stoxx 600 Index has retreated 2.5 per cent since reaching a 6 1/2-year high on June 1.
Deutsche Bank AG, Germany's largest bank, and French utility Gaz de France SA paced the drop. France Telecom SA fell the most in two weeks as the French government began selling shares worth as much as 3.8 billion euros ($5.1 billion). Anglo American Plc and Antofagasta Plc led mining companies lower after Cazenove downgraded the stocks.
The Dow Jones Stoxx 600 Index has retreated 2.5 per cent since reaching a 6 1/2-year high on June 1.