Economic news

European shares slide ahead of ECB decision

European stocks retreated on Thursday, as mining shares were hit by worries over China’s economic state, and as investors awaited the European Central Bank's crucial policy meeting.

Photo: Reuters

The pan-European 600 Index slumped 0.5% to 388.20.

The DAX 30 index in Germany tumbled 0.4% to 12,838.55, and France’s CAC 40 index was down 0.6% at 5,420.71. Spain’s IBEX 35 slid 0.3% to 9,868.70, while Italy’s FTSE MIB index slumped 0.9% to 22,207.68.

Germany's consumer price inflation jumped 2.2 percent year-on-year in May, Destatis reported. Retail sales in the UK increased by 1.3% in May due to good weather and the positive impact of the royal wedding on consumer demand.

Unilever shares fell 1.6% after the company said it would leave the FTSE series of indexes.

Anglo American lost 1.8% after it has agreed a $600m transaction with Mitsubishi Corporation that would increase the Japan-based company’s stake in the Quellaveco copper project in Peru by 21.9 percent.

Shares in Aveva Group Plc jumped by 11.3% following its financial results.

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