ROME: European stocks dropped for a sixth day, with miners among the biggest losers, and Asian equities retreated on signs of slowing Chinese growth. Oil gained on forecasts for less U.S. shale production.
The Stoxx Europe 600 Index declined 0.8 percent at 10:31 a.m. in London, extending its longest losing streak of the year. The MSCI Asia Pacific Index dropped 0.9 percent, led by slides in technology shares, and Standard & Poor’s 500 Index futures fell 0.2 percent, while Greek stocks increased. The Bloomberg Dollar Spot Index was little changed as Spanish and Italian bonds advanced. Crude rose 1.3 percent in New York.
China’s consumer prices rose at a slower pace in May and factory-gate prices extended a record stretch of declines, underscoring tepid demand in the world’s biggest consumer of everything from energy to copper. Group of Seven leaders meet in Germany, with Chancellor Angela Merkel demanding urgent action from Greece to cement its euro-area membership as the Greek delegation in Brussels submitted a three-page proposal to its creditors in a bid to unlock bailout funds.
