The Deal: European, Asian Stocks Move Lower
LONDON (The Deal) -- European and Asian stock indices moved lower Thursday, amid continuing worries about the federal budget deadlock in Washington and Congress' ability to agree on a debt deal by a Oct. 17 deadline.
The Nikkei 225 was the sole significant gainer, rising 178.59, or 1.22%, to 14,799.12 amid reports about a potential corporate tax cut and as the yen fell.
Lixil Group rose 79 yen, or 3.1%, to 2,099 yen ($21.19 ) after it said it had tied up with the Development Bank of Japan to pay €3.06 billion ($4.1 billion) for private equity-backed German bathroom equipment maker Grohe.
The Hang Seng dropped 84.60, or 0.36%, to 23.125.03.In the U.K. the FTSE was little changed, down 0.35, or 0.01%, at 6,551.18. A Centre for Economics and Business Research and YouGov consumer confidence index rose in September, buttressing the perception that the economic recovery is gathering pace. London interdealer broker Icap fell 14.90 pence, or 3.8%, to 373.50 pence ($5.99) after former employees and the company itself were fined by U.S. and U.K. authorities for rigging Libor. The Dax was down 24.31, or 0.28%, at 8,641.32. In Stockholm, clothing retailer Hennes & Mauritz surged 16.9 Swedish kronor, or 6.4%, to Skr280.80 ($43.77) after exceeding quarterly profit expectations. In Italy, Finmeccanica fell €0.13 , or 2.7%, to €4.61 ($6.23) after Reuters reported that state lender Cassa Depositi e Prestiti will make a bid for a stake in Finmeccanica's power unit, Ansaldo Energia, in the next few days. Standard & Poor's futures were up 3.2 at 1,6890.
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