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TheStreet Open House

European Stocks Slide as German Sentiment Again Declines

LONDON ( The Deal) -- European stock indices slid on Tuesday following disappointing news on investor sentiment in Germany and before Federal Reserve Chair Janet Yellen's testimony to the Senate later Tuesday.

In London, the FTSE 100 was down 0.14% at 6,736.80. In Frankfurt, the DAX lost 0.48% to 9,735.84 and in Paris, the CAC 40 declined 0.48% to 4,329.17.

In Germany, the ZEW index of investors' economic sentiment fell more than expected and posted a seventh consecutive monthly decline. The ZEW institute said the decline reflected a recent "dent" in economic activity, including falling retail sales and industrial output.

In the U.K., June inflation data came in significantly ahead of expectations, with the headline rate accelerating to 1.9% from 1.5%, the highest pace since January. June house price data in Britain also came in ahead of forecasts, though producer price data lagged predictions.

Bank of England Governor Mark Carney is currently appearing before a committee of U.K. lawmakers.

The Fed's Yellen will deliver her semi-annual monetary policy report to a committee of Senate lawmakers at 10 a.m. EDT; she will address a House committee on Wednesday.

In Paris, Groupe Danone rose after Morgan Stanley lifted its recommendation to overweight and raised its price target.

But oil producer Total (TOT) fell 1.3% after a quarterly update on energy prices and its refining margin in Europe.

In Frankfurt, Software AG tumbled 17% after lowering its full-year operating margin outlook.

In London, mining stocks were up, and outside the benchmark FTSE 100 index African Barrick Gold rose almost 3% as UBS analysts initiated coverage on the stock with a buy recommendation and a price target of 260 pence.

In Zurich, Roche Holding Rose 1% on news the Food and Drug Administration had given priority review status for Avastin drug for the treatment of certain types of cervical cancer.

In Vienna, Telekom Austria was little changed on news America Movil  (AMOV) had secured 50.8% of the company following a 7.15-per-share euros offer. The Mexican telecom, which is controlled by Carlos Slim, will pay 743 million euros ($1 billion) for its holding. The tender remains open for acceptances.

Asian indices ended the day mainly higher after taking their cue from Wall Street on Monday.

In Hong Kong, the Hang Seng closed up 0.49% at 23,459.96. The Nikkei in Tokyo closed up 0.64% at 15,395.36.

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