European Stocks Fall on Mounting Concern Over U.S. Budget

Posted by Forexsq 714 days ago (http://www.bloomberg.com)
img European stocks declined, with the Stoxx Europe 600 Index extending a two-month low, as U.S. President Barack Obama said Bush-era tax cuts for high earners should expire at the start of next year. U.S. index futures climbed, while Asian shares slipped.
Zurich Insurance Group AG retreated 4.1 percent after Switzerland’s biggest insurer reported quarterly profit that missed analysts’ estimates. BP Plc (BP/) dropped 0.8 percent after saying it held “advanced discussions” with the U.S. government on resolving the criminal claims against the company.

The Stoxx 600 slid 0.5 percent to 266.71 at 8:45 a.m. in London. The gauge has still rallied 14 percent from this year’s low on June 4 as European Central Bank President Mario Draghi said he would do everything to protect the euro and the Federal Reserve announced a third round of quantitative easing. Standard & Poor’s 500 Index futures rose 0.3 percent today, while the MSCI Asia Pacific Index slipped 0.2 percent.

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