European stocks retreat after rally

GMT 11:20 2015 Thursday ,10 September

Arab Today, arab today European stocks retreat after rally

Frankfurt's DAX
London - AFP

Europe's main stock markets fell Thursday as a recent rally came to a halt following losses in Tokyo and on Wall Street, triggered in part by US rate-rise fears.

London's benchmark FTSE 100 index slipped 0.66 percent to stand at 6,187.98 points in mid-morning deals and awaiting the outcome of the Bank of England's monthly policy meeting.

In the eurozone, Frankfurt's DAX 30 lost 0.31 percent to 10,270.71 points and the CAC 40 in Paris shed 0.55 percent to 4,639.02 compared with Wednesday's close.

The euro fell to $1.1193 from $1.1205 late on Wednesday in New York.

"Three decent European sessions this week look set to come to an end... as uncertainty over the next steps for Federal Reserve interest rate policy and another slide in commodity prices serve to keep investors on edge," said Michael Hewson, chief market analyst at trading group CMC Markets UK.
UN data on Thursday showed that the price of international food commodities slumped in August to their lowest level in almost seven years.

The Food and Agriculture Organization, a UN body, said the prices of almost all commodities measured in its Food Price Index dropped last month, including milk, vegetable oils, sugar and cereals.

On international stock markets meanwhile, Tokyo shares ended down 2.51 percent Thursday, a day after its biggest one-day jump in seven years.

Following a stream of strong economic indicators, speculation has been rising that the Fed will raise rates at a policy meeting next week.

In Britain on Thursday, the Bank of England is widely expected to keep its key lending rate at a record-low 0.50 percent, where it has stood for 6.5 years.
US stocks ended lower on Wednesday, with the Dow Jones Industrial Average closing down 1.45 percent to 16,253.57 points.

Apple shares dropped just under 2.0 percent after the company unveiled upgraded products, including overhauled Apple TV hardware and iPad Pro tablets with enlarged screens.

In Europe on Thursday, the supermarket sector was in focus after British group Morrisons said it planned to shut 11 large stores alongside news of a slump in profits -- one day after saying it would sell 140 convenience shops.

Shares in Morrisons were down 4.15 percent to 168.60 pence while rivals Sainsbury's lost 1.56 percent to 239.60 pence and Tesco declined 2.17 percent to 187.05 pence.

French supermarket group Carrefour was down 1.63 percent to 28.12 euros.

Morrisons and other leading British supermarket chains are trying to restructure to meet the challenge from low price rivals Aldi and Lidl.

Tesco, Britain's largest retailer, agreed Monday to sell its South Korean unit Homeplus to a consortium led by private equity firm MBK Partners for more than £4.0 billion ($6.15 billion, 5.5 billion euros).


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