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20.08.2015 16:00 European stocks close: stocks closed lower on worries over the global slowdown

Stock indices closed lower on worries over the global slowdown. The Chinese stocks traded lower today, adding to concerns over a slowdown in the Chinese economy.

The Fed released its latest minutes on Wednesday. Fed officials agreed at the July monetary policy meeting that the economy is approaching the point when the central bank needs to increase interest rates, but they were concerned about the weak inflation and a slowdown in the global economy.

The European Stability Mechanism (ESM) has approved the €26 billion first tranche of the third bailout for Greece on Thursday. The ESM said that it transferred €13 billion immediately.

Greece has repaid €3.2 billion to the European Central Bank (ECB) after receiving the first tranche.

According to two Greek government officials, Greek Prime Minister Alexis Tsipras plans to announce his resignation on Thursday evening to clear the way for national elections. It is unclear when elections will be held. September or early October are the possible dates.

German PPI producer prices were flat in July, after a 0.1% decline in June.

On a yearly basis, German PPI dropped 1.3% in July, after a 1.4% fall in June.

The Office for National Statistics released its retail sales data for the U.K. on Thursday. Retail sales in the U.K. increased 0.1% in July, missing expectations for a 0.4% rise, after a 0.1% decline in June. June's figure was revised up from a 0.2% fall.

The slower growth was partly driven by higher sales of electrical appliances, furniture and other household goods.

Sales of household goods climbed 3.6% in July, while sales at department stores rose 1.6%.

Food sales fell 0.2% in July, while sales of clothing and footwear slid 1.5%.

On a yearly basis, retail sales in the U.K. climbed 4.2% in July, missing forecasts of 4.4% increase, after a 4.2% rise in June. June's figure was revised up from a 4.0% gain.

The Confederation of British Industry (CBI) released its industrial order books balance on Thursday. The CBI industrial order books balance rose to -1% in August from -10% in July, beating expectations for -10%.

The increase was driven by a rise in export order book balance. The export order book balance increased to -8% in August from -17% in July.

The balance for output volumes for the next three months was 14% in August.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,367.89 -35.56 -0.56 %

DAX 10,432.19 -249.96 -2.34 %

CAC 40 4,783.55 -100.55 -2.06 %



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