European Stocks Mixed on Fall in German Ifo Index
LONDON (The Deal) -- European stock indices were mixed on Tuesday after eurozone markets pared losses triggered by disappointing business climate data from Germany. The data followed a largely positive day in Asia, where indices were buoyed by declining oil prices.
The closely watched Ifo German business climate index fell more than expected in June to a reading of 109.7 from 110.4 in May. The Munich-based Ifo institute said the businesses it had polled were worried about the potential impact of the crises in Ukraine and in Iraq on the economy.
From the U.S., June consumer confidence data, out at 10 a.m.EDT, could provide the focal point of afternoon trading.
In London, the FTSE 100 was down 0.27% at 6,782.27. In Frankfurt, the DAX fell 0.07% to 9,914.20, while the CAC 40 in Paris rose 0.09% to 4,519.50.In London, Carpetright rose 2% after founder and executive chairman Phil Harris said he would stay on as non-executive chairman following the July arrival of a new CEO until a replacement chairman is found. He had earlier said he would step down in early September. The retailer on Tuesday released a report showing declining full-year revenue and earnings. Carpetright is having a particularly hard time in the Netherlands, though it said core retail same-store sales in its domestic U.K. market rose slightly. But Sports Direct International fell more than 3% after the company disclosed a 4.8% stake in recently listed Australian online retailer MySale Grou . The holding follows the discount sporting goods retailer's stakebuilding in department stores group Debenhams. In Amsterdam, Altice declined about 5% after Patrick Drahi's investment vehicle said it had sold 911 million euros ($1.24 billion) of new stock to pay for shares in Numericable that it is buying from Carlyle Group and Cinven in a transaction linked to Numericable's purchase of the wireless services unit of Vivendi. The placing raised slightly less than the 950 million euros in gross proceeds Altice said late Monday that it was targeting. In Zurich, crop sciences company Syngenta jumped almost 5% after Bloomberg reported that Monsanto (MON) had recently weighed making a $40 billion offer to allow it to shift its tax domicile to Switzerland. Bloomberg said the idea had been jettisoned. In Madrid, infrastructure company Acciona was up almost 3% after cutting a deal to sell a one-third stake in its renewable energy generation business to Kohlberg Kravis Roberts for 417 million euros. In Tokyo, the Nikkei 225 closed up 0.05% at 15,376.24. In Hong Kong, the Hang Seng gained 0.33% to close at 22,880.64.
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