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The Deal: Europe Rebounds but Asian Shares Fall on Growth Concerns

Stocks in this article: GOOG

LONDON (The Deal) -- European stocks rebounded Tuesday from Monday's declines but Asian stocks ended the day predominantly in the red after data stoked worries about slowing growth in China and the U.S.

The German business climate index, as measured by the Ifo index, fell more than expected in March to a reading of 110.7 from 111.3 in February, as concerns about the impact of Russian sanctions on German companies appeared to take their toll. The decline was the first in five months.

In the U.K., February consumer price inflation eased to 1.7% from 1.9%, in line with expectations.

The FTSE 100 was up 1.14% at 6,591.46 by mid-morning, after declining 0.56% on Monday. In Frankfurt, the DAX rose 1.18% to 9,297.50, after a 1.65% slump on Monday. In Paris, the CAC 40 was up 1.09% at 4,323.07.

Retailer Kingfisher, which operates home improvement stores, rose more than 4% after posting full-year pretax profit of 744 million pounds ($1.2 billion), up 4.1% and slightly above consensus expectations, and announcing a 200 million pounds capital return to shareholders in the current year.

Discount carrier Easyjet was up more than 5% after lifting its revenue-per-seat outlook for the six months ending March 31 and narrowing its projected loss.

Oil field services company Kentz fell after UBS declared the stock fully valued and cut its rating to neutral from buy. Royal Mail declined as the specter of industrial action loomed following the company's announcement it will cut a net 1,300 jobs to save 50 million pounds. The government sold a majority stake in a controversial privatization of the postal services company last year. The stock was trading early morning in London at 574.50 pence, compared with an IPO price of 330 pence.

In Milan, eye glasses maker Luxottica rose more than 4% after it announced a partnership with Google (GOOG) to develop glasses that "straddle the line between high-fashion, lifestyle and innovative technology."

In Hong Kong, the Hang Seng closed down 0.52% at 21,732.32 and in Tokyo the Nikkei dropped 0.36% to 14,423.19.

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