European stocks fall after weekly gains

By FXstreet.com | June 23, 2014 AAA

FXStreet (Córdoba) - European stocks fell Monday, after posting a ninth weekly gain in ten, despite positive manufacturing data from China.



The Stoxx Europe 600 dropped 0.53% to 346.24,weighed by lower-than-expected Eurozone PMIs. The index rose 0.3% last week. Among country-specific indexes, UK FTSE 100 lost 0.45%. Germany's DAX 30 and France’s CAC 40 dropped 0.75% each. Spain’s Ibex 35 was down 0.23% while Italy’s FTSE MIB was the worst performer shedding 1.21%.



A preliminary Markit Economics report showed manufacturing activity grew less than expected, with the index printing 52.8 versus 53.2 the previous month and 53.3 expected.



In the FX market, the USD remains under pressure after a FOMC meeting last week, which offered little indication the Fed will hike rates anytime soon.



As for commodities, gold was little changed at $1316 an ounce, while crude oil was up 0.35% near 9-month highs at $107.21 a barrel.



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