Telecoms and banks put brakes on European shares

European stock markets all ended the day lower bar Frankfurt and Paris which were marginally up. Telecoms providers and banks led the slide – Europe’s biggest phone company Deutsche Telekom lost nearly 8 per cent after cutting targets for annual profits and cashflow.

BNP Paribas and Deutsche Bank shares caught a chill from news that net income at Bank of New York Mellon had dropped a whopping 51 per cent. Retailing provided some cheer with Tesco shares putting on 4-per-cent after record profits, and Burberry Group surging 11-per-cent after better than predicted quarterly revenue. One euro bought just under 1.30 US dollars, and around 89 British pence.

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