BLBG:European Stocks Pare Losses as U.S. Retail Sales Gain
European stocks pared their earlier decline as a report showed U.S. retail sales unexpectedly increased in April.
The Stoxx Europe 600 Index slipped 0.2 percent to 304.36 at 1:33 p.m. in London, having earlier lost as much as 0.5 percent. The gauge advanced 1.3 percent last week as companies from BT Group Plc to Hochtief AG posted better-than-expected earnings and European Central Bank President Mario Draghi said policy makers are ready to cut interest rates if needed. The measure has climbed 8.8 percent in 2013.
Retail sales in the U.S. rose in April, reflecting broad-based gains that may ease concern consumers are holding back. The 0.1 percent increase followed a 0.5 percent drop in March, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg called for a 0.3 percent drop.
To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net
To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net
