German stocks tumble; retailers weight

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Source: Dukascopy Bank SA
© Scanpix/Reuters

German stocks fell on Friday ahead of Spanish bank's stress test results. Pessimistic news from the US also created heavy pressure on German equities. Adding to the negative mood of German blue chips, the country's retail sales rose 0.3% last month compared to a forecast of a 0.5% increase. The DAX Index lost 0.75% to trade at 7,235.05. All sectors included in the index tumbled. The worst-performers were utilities and telecommunications. E.ON and RWE slid 1.57% and 1.29% while Deutsche Telecom slumped 1.02%. Financial institutions also retreated, with Commerzbank and Deutsche Bank plunging 1.43% and 1.06%.


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Fri, 28 Sep 2012 15:13:58 GMT

U.S. consumer spending stagnates in line with expectations

Commerce Department reported on Friday that spending of U.S. consumers rose just a bit in August, which showed that the U.S. economy still struggled to recover. Purchases of households increased by 0.5%, in line with analysts' expectations. However, after adjustment for a 0.4% increase in prices, the data shows that real spending added only 0.1%.

Fri, 28 Sep 2012 17:04:39 GMT

UK shares retreat on Spain's woes

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