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Europe Closes Lower On Inflation Concerns |
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1:32 PM EDT June 12 2006 |
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European markets finished in the negative territory as continuous worries about inflation and interest rate concerns weighed on sentiment, offsetting merger-and-acquisition news and speculation. Equity markets on both sides of the Atlantic awaited the release of key inflation data later in the week, as well as the three speeches to be delivered by the U.S. Fed Reserve Chairman Bernanke. Among the biggest losers were telecommunication stocks like Vodafone and techs shares, including Philips Electronics. In deal news, jewelry retailer Signet Corp. rose 2% after confirming that Zale Corp. may buy the firm. In the steel sector, Arcelor rejected a $31 billion offer from Mittal Steel, but closed down 1.2% as Mittal refused to improve its bid. The German DAX 30 tumbled 1.3%, the French CAC 40 dropped 0.9%, and London FTSE 100 fell 0.6%.
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