SCOREBOARD: European downer

Major European indices fell despite data suggesting the worst is over for Britain, while Wall Street losses were broad based.

In a session where, once again, the global economic dataflow was on the positive side, equities instead were belted. In Europe the major indices were down, almost 1 per cent on the Dax, 0.4 per cent on the CaC and 0.6 per cent on the FTSE100. This comes against clear signals that Europe is on the path to recovery and that perhaps the worst is over for the UK as well. So eurozone industrial production rose 0.4 per cent in April and this is after a 0.9 per cent increase the month prior. A good rebound. Similarly, in the UK, employment rose 24,000 although the unemployment rate remained steady at 7.8 per cent.

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