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.