|09-09-2014, 01:56 PM||#1|
European shares retreat ahead of Scottish independence vote
European shares declined on Monday, as the attention now turns to a referendum on Scotland independence from the United Kingdom.
Shares also retreated from last week’s 2-month high amid growth concerns from China.
At the weekend, a YouGov/Sunday Times poll gave the "Yes" camp 51 percent support compared to the "No" camp`s 49 percent, excluding undecided voters.
Although the two-point lead is within the margin of error, the findings dramatically increasethe stakes ahead of the vote on September 18, handing momentum to First Minister Alex Salmond`s Scottish National Party (SNP).
Meanwhile the question of whether Scotland could keep the pound has become a defining issue in the debate ahead of the vote on September 18.
- Stoxx 600 lost 0.43 percent or 1.48 points to 346.09
- Stoxx 50 dropped 0.24% or 7.71 points to 3267.54
European stock markets had closed mixed on Friday as investors digested the ECB`s surprise deflation-fighting stimulus measures and figures showed US unemployment dropped less than hoped, dealers said.
Last week, the European Central Bank cut its key interest rate to a record-low of 0.05 percent from 0.15 percent and announced an asset-purchase plan to counter deflation pressures, boost lending and lift sluggish growth.
In major corporate news, General Electric (GE) announced an agreement to sell its GE appliances business to Electrolux for $3.3 billion. The deal, which is approved by boards of both companies, is expected to close in 2015. Electolux shares rose 4 percent.
Associated British Foods affirmed its full year earnings guidance, premised on strong operating performances by its grocery business and Primark. Shares were down 4.8 percent.
-The British FTSE 100 lost 0.30% or 20.33 points to 6834.77
-The French CAC 40 lost 0.26% or 11.56 points to 4474.93
-Frankfurt’s DAX 30 advanced 0.11% or 11.01 points to 9758.03
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