LONDON (ShareCast) - European shares added to losses in midday trade as investors focus on economic news and a number of broker downgrades.
Eurozone retail sales dropped a worse than expected 0.4% month-on-month in May, official figures showed
Friday.
Analysts had been expecting a 0.1% decline. Year-on-year sales in the 16-country currency area fell 3.3%, according to European Union statistics office Eurostat, also worse than predictions of a 2.7% decrease.
In May, compared with April, food, drinks and tobacco rose by 0.2%, while the non food sector decreased by 0.6%.
Elsewhere, Markit's Eurozone Services Purchasing Managers Index was revised up to 44.7 in June from the flash estimate of 44.5.
Across the markets, the German DAX is down 30 points at 4,688 with the French CAC falling 13 points to 3,103. The Swiss market has dropped 7 points to 5,347.
French utility EDF (Paris: FR0010242511 - news) is leading the fallers in Paris after Morgan Stanley (NYSE: MS - news) cut its stance on the stock to 'equal weight' from 'overweight'.
Elsewhere in the sector, E.On and RWE (Xetra: 703712 - news) are down in sympathy.
Shares in France Telecom (Paris: FR0000133308 - news) also dropped after UBS (Virt-X: UBSN.VX - news) downgraded the telecom giant to 'sell' from 'neutral'.
CAC 40 (Paris: news) - Risers
Danone (Paris: FR0000120644 - news) (BN) € 35.56 +1.67%
Sanofi (Paris: FR0000120578 - news) -Aventis (SAN) € 42.98 +1.55%
Unibail-Rodamco (UL) € 110.22 +1.30%
Vivendi (Paris: FR0000127771 - news) (VIV) € 16.89 +0.93%
Cap Gemini (Paris: FR0000125338 - news) (CAP) € 26.02 +0.31%
EADS (Paris: NL0000235190 - news) (EAD) € 11.60 +0.30%
L'Oreal (Paris: FR0000120321 - news) (OR) € 53.90 +0.29%
Alstom (ALO) € 42.44 +0.19%
Bouygues (EN) € 25.67 +0.02%
CAC 40 - Fallers
EDF (EDF) € 31.70 -5.27%
PPR (Paris: FR0000121485 - news) (PP) € 56.06 -3.34%
Air France (Paris: FR0000031122 - news) -KLM (AF (Stockholm: 45674.ST - news) ) € 8.48 -2.70%
Renault (RNO) € 24.88 -2.64%
Lafarge (Paris: FR0000120537 - news) (LG (003550.KS - news) ) € 43.70 -2.37%
Vallourec (VK) € 84.55 -2.25%
Peugeot (Paris: FR0000121501 - news) (UG) € 17.65 -2.22%
Pernod Ricard (Paris: FR0000120693 - news) (RI) € 45.06 -2.16%
AXA (CS) € 12.76 -1.92%
Veolia Environnement (Paris: FR0000124141 - news) (VIE) € 20.73 -1.85%
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