European Stocks Decline After U.S. Manufacturing, Dollar Weaken - by Sharon Smyth and Ludwig Burger
European stocks had the biggest weekly decline since July after manufacturing in the U.S. contracted for the first time in more than three years, sending the dollar lower and heightening concern economic growth is slowing.
DaimlerChrysler AG and Tenaris SA led a drop by companies that rely the most on the U.S. for revenue as a weaker dollar will make their goods more expensive and cut the value of sales. ``The data show that the U.S. slowdown will be stronger than people expected,'' said Guenther Gerstenberger, a fund manager at Oberursel, Germany-based PEH Wertpapier AG, which oversees about $2.5 billion. ``The market will continue to tremble.''
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