European shares close mixed on summit worries; DAX drops 0.57%
Published Dec 07, 2011 12:16PM ET
At the close, the DAX 30 gave back 0.57%, the CAC 40 declined 0.11% and the EURO STOXX 50 dropped 0.50% on the session.
Negative news from the United Kingdom that industrial output fell at the fastest rate in six months added to the cautious nervousness before the summit meeting.
Germany has turned pessimistic regarding the summit but France remains positive sending confused messages into the stock market.
A senior German official told Reuters on conditions of anonymity, "My pessimism stems from the overall picture... Institutions and member states will have to move on many points to make possible the new treaty rules."
Financial shares were lower across the board as BNP Paribas gave back 0.17%, Societe Generale plunged 1.33% and German domiciled lender Deutsche Bank slipped 0.46%.
Citibank slashed its rating of Germany's largest retailer, Metro AG, to "sell" from "neutral". Shares tumbled 2.59% on the news. Citibank was following earlier downgrades of the retailer from Deutsche Bank and JPMorgan due to forecast earnings and sales declines.
On the bright side, Zodiac Aerospace, a maker of aircraft seats was upgraded to "outperform" from "neutral" at Exane BNP Paribas. Shares in the aerospace supply company ended the session up 2.84%.
Meanwhile, in Italian news, Chinese rating agency Dagong Global Credit Rating cut the nations sovereign rating to BBB from A- due to Italy's dismal growth prospects.
U.S. stocks were lower in early trade with the Dow Jones Industrial Average easing lower by 0.04%, the S&P500 dipping 0.37% and the tech heavy Nasdaq100 giving back 0.48%.
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