By Corinne Gretler - Nov 4, 2011 7:10 PM GMT+0700
European stocks declined, erasing earlier gains, after German Chancellor Angela Merkel said Group of 20 leaders failed to agree on International Monetary Fund resources.
The Stoxx Europe 600 Index declined 0.3 percent to 241.4 at 12:03 p.m. in London, after earlier rising as much as 0.6 percent on Greece’s cancellation of a referendum on euro-area’s bailout package. The gauge has retreated 3 percent so far this week as the debt crisis deepened and concern of a recession in Europe resurfaced. The MSCI Asia Pacific Index jumped 2.5 percent. Standard & Poor’s 500 Index futures dropped 0.5 percent after Merkel’s statement today.
Group of 20 leaders meeting in the French resort of Cannes failed to agree on International Monetary Fund resources, Merkel told reporters today.
Earlier, stocks pared their gains after German factory orders unexpectedly plunged in September as demand from the euro region slumped, adding to signs the region’s debt crisis is damping growth in Europe’s largest economy.
Orders, adjusted for seasonal swings and inflation, fell 4.3 percent from August, when they dropped 1.4 percent, the Economy Ministry in Berlin said today. It’s the third straight month orders have declined. Economists forecast a 0.1 percent increase for September, according to the median of 34 estimates in a Bloomberg News survey. In the year, orders rose 2.4 percent when adjusted for work days.
To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net
To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net
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