Europe Closes Lower

European stock markets were lower Tuesday on pessimistic economic data from the U.K. and Germany

European stock markets were lower on Tuesday. In London, the Financial Times-Stock Exchange 100 index fell 3.60 points to 5046.80 following a report core inflation eased in May a bit but remained near a seven-year high. 67 FTSE stocks fell, 32 rose on turnover of 1,379,000,000 shares. Yields on 10-year gilts rose to 4.32% from 4.28% yesterday as the Bank Of England President King says recent consumer spending slowdown might not last. Sterling fell and drifted at $1.8068. July Brent crude oil futures fell. Cable & Wireless rose as ABN Amro raised its price forecast for shares. Whitbread rose on higher sales report. Future Plc. fell on report of first half loss. Next Plc. fell after Dresdner analysts cut their per share forecast.

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