UK shares slide after retail sales data

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Source: Dukascopy Bank SA
© Scanpix/AP
UK stocks declined on Thursday after the eurozone's economy fell into double-dip recession. The eurozone's economy contracted by 0.1% in Q3 after shrinking by 0.2% in the previous quarter. Moreover, UK retail sales slid more-than-expected last month, dropping the most in six months. Concerns over the US fiscal cliff as well as uncertainty over Greek bailout also weighed on UK blue chips. The FTSE 100 Index slumped 0.36% to trade at 5,701.32. Only one sector within the index gained. Telecommunications climbed 0.12%, with Vodafone Group adding 0.28%. At the same time, consumer services and oil and gas firms created heavy pressure on the UK stock index. Carnival dipped 1.57%. BP slumped 0.36% as the company is in ‘advanced discussions' with the US Department of Justice regarding Deepwater Horizon spill. Centrica lost 0.44% ahead of its year on year earnings growth data due later in the day. Meanwhile, Antofagasta dropped 1.93% despite posting a rise in its operating profits in the first nine months of 2012.

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Thu, 15 Nov 2012 14:11:01 GMT

German stocks drop as eurozone falls into recession

German stocks slumped on Thursday after the eurozone's GDP contracted in Q3, indicating that the region's economy fell into recession. However, German preliminary GDP grew by 0.2% versus a forecast of a 0.1% increase. Meanwhile, weakness in the US stocks coupled with looming US fiscal battles added pressure on the German blue chips index. The DAX Index dropped 0.53% and

Thu, 15 Nov 2012 16:22:27 GMT

Euro area falls into recession for the second time since 2009

The Euro-area fell into recession for the second time in last four years, as gross domestic product contracted by 0.1% in the third quarter according to the European Union's statistics office announcement on Thursday. European economy experiences hard time, as regional governments impose tighter budget restrictions in order to narrow fiscal deficits.

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