On Friday European stocks declined for the fourth time in five days amid concerns global growth remains weak. U.S. index futures were little changed, while Asian shares gained.
Akzo Nobel NV slid 3.7 percent as Chief Executive Officer Ton Buechner extended his leave for fatigue from the company. ASML Holding NV fell 0.5 percent after industry peer Advanced Micro Devices Inc. cut its third-quarter revenue forecast.
The Stoxx Europe 600 Index fell 0.2 percent to 270.27 at 12:37 p.m. in London. The measure has lost 1.4 percent so far this week as the International Monetary Fund cut its global growth forecasts and European Union leaders met to discuss the region’s debt crisis.
IMF Managing Director Christine Lagarde said global growth is not fast enough to curb unemployment. In an interview with the British Broadcasting Corp. in Tokyo during the day, Lagarde said growth in advanced economies is “tepid” and that the two main areas of uncertainty are the euro region and the U.S., adding policy makers need to do more to provide more certainty.
Most Japan shares rose even after Softbank Corp. and Fast Retailing Co. fell the most in more than a year, dragging the Nikkei 225 Stock Average to a fourth straight loss. Automakers gained after China and Japan agreed to hold talks over a territorial dispute. The Topix Index added 0.6 percent while the Nikkei 225 slid 0.2 percent after rising as much as 0.9 percent.
China stocks rose, capping a second week of gains for the benchmark index, as falling U.S. jobless claims bolstered the outlook for exports and publishing companies jumped after Mo Yan won the Nobel Prize in Literature.
Copper fell in New York as weaker- than-estimated new lending in China, the world’s biggest consumer of the metal, fueled concern demand will weaken as global economies slow.
This article was compiled by Valletta Fund Management Limited, a member of the BOV Group.
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