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European stocks declined from a five year high

Article By: ,  Financial Analyst
September 17, 2013 2:40 PM

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European stocks declined from a five-year high as investors sold stakes in companies from Lloyds Banking Group to Continental AG.

Lloyds declined 1.4% after the UK government sold a £3.2 billion stake in the lender.

Falling sales in Europe dented carmakers today as investors took a back seat before the U.S. Federal Reserve policy meeting scheduled this week that could reel in the economic stimulus program. Continental AG shed 4.1% with traders citing news that major shareholder Schaeffler had placed shares in the group worth €950 million euros to cut debt.

Acerinox SA retreated 1% after investors sold shares. Glencore Xstrata Plc lost 1.7% as UBS AG lowered its rating on the commodity producer.

European equities may well start to see some cautious trading as attention refocuses on this week’s U.S. Federal Reserve’s policy meeting.

US index futures were little changed today, while Asian shares slid.

Stocks declined with emerging-market currencies and Treasury yields before this week’s Federal meeting.

Oil declined for a third day as the threat of military action against Syria receded.

China’s stocks fell the most in two months after foreign investment data trailed economists’ estimates and money-market rates rose before the start of holidays this week.

FTSE opened @ 6622 & has steadily dropped
DAX opened @ 8595
WALL STREET closed @ 15376

TOP FTSE 100 PERFORMERS:
Smiths Group 1.6%
Randgold Resources 1.14%
Bunzl 1.1%

ECONOMIC DATA:
9:30 GBP CPI y/y
10:00 GERMAN ZEW Economic Sentiment
1:15 USA Treasury Secretary “Lew” giving a speech
1:30 USA Core CPI

COMPANIES REPORTING:
Manchester United Reporting tomorrow

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