Stocks in Europe, Asia Decline


Stocks in Europe and Asia fell as PSA Peugeot Citroen posted a loss and speculation grew that the proposed U.S. bank rescue won’t revive credit markets and the economy.

Peugeot, France’s biggest carmaker, sank 2.4 percent. Barclays Plc and Credit Agricole SA slid more than 3 percent after Treasury Secretary Timothy Geithner said he’s still exploring a range of different structures” to bail out banks. Groupe Danone SA slipped 4 percent after the world’s biggest yogurt maker said sales growth this year will miss its medium- term” goal as consumer spending falters.

The MSCI World Index declined for a second day, losing 0.6 percent to 841.76 at 12:23 p.m. in London. The gauge of 23 developed countries had posted a 5.8 percent rally in the previous five days on optimism that measures by U.S. President Barack Obama and interest-rate cuts would help lift economies in the U.S., Europe and Japan out of recession.

Europe’s Dow Jones Stoxx 600 Index slipped 1 percent today, as gains by Rio Tinto Group, ArcelorMittal and Sanofi-Aventis SA limited the drop. The MSCI Asia Pacific Index that excludes Japan fell 1.6 percent.


TradingEconomics.com, Bloomberg
2/11/2009 5:33:32 AM