Europe Closes Lower

European stock markets closed lower Monday on falling industrial production reports in the U.K. and Germany

European stock markets were lower Monday. In London, the Financial Times-Stock Exchange 100 index fell 8.60 to 4910.30, its first loss in 7 sessions, on reports UK industrial production unexpectedly fell and UK PPI reports were higher, suggesting threat of inflation. But the Bank of England decided to leave rates unchanged at 4.75% at today's policy meeting. 64 FTSE stocks fell and 35 rose on turnover of 1,340 billion shares. Yields on 10-year gilts fell to 4.55% off at 4.65% earlier. May Brent crude oil futures were a bit higher. GCap Media and Daily Mail, a 15% owner of GCap, along with Emap, Magic and Chrysalis fell after Capital Radio said April sales fell. AstraZeneca skidded after U.S. Defense Department said will drop company's Nexium heartburn treatment from a list of drugs covered by its health insurance.

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