Islamic News

European stock markets fell Thursday in a second consecutive day because of the fear of growth rates in China

European stock markets fell Thursday in a second consecutive day against the backdrop of a sharp increase in the rate of growth of Chinese economy in the I quarter, which could push the Chinese authorities to raise interest rates. As a result of bidding British FTSE 100 index closed with a decline to 8.80 point, or 0.14%, at 6440.60 point. The German DAX Xetra 30 fell by 39.61 point, or 0.54%, to 7242.73. The French CAC 40 closed with a decline to 6.91 point, or 0.12%, at 5829.04 point. Composite index of pan-European Dow Jones Stoxx 600 lost 1.49 point, or 0.39%, to 384.39. Overall, 13 of the 18 European markets fell on Thursday.

National Bureau of Statistics of China reported on Thursday 19 April that the economy of the country in I quarter of this year increased by 11.1% over the same period of 2006 . Against this backdrop, shares fell European mining companies, as well as possible measures aimed at cooling rate of growth of Chinese economy could lead to a reduction in demand for metals in the market.

Share prices Rio Tinto (RTP), the third largest Mining companies in the world, fell by 1.4% to 3077 pence. Paper company Antofagasta, owns the copper mine in Chile, lost 2.1% and closed at around 510.25 Pensa.

Paper Nokia (NOK), the world’s largest manufacturer of cellular phones, soared to 3.5% to 18.16 euros against a backdrop of good quarterly reports. Net profit in Nokia I quarter of this year decreased by 7% and amounted to 979 million euros, or 0.25 euros, converted to one share. Analysts interviewed by news agency Reuters, the company forecast earnings of 0.25 euros per share.

Shares Eiffage SA fell by 5.1% to 105.84 euros after the largest Spanish construction company Sacyr Vallehermiso SA unveiled plans to nominate proposals for the absorption of the third-largest construction company in France. The company Sacyr intends to acquire all the shares of Eiffage, appreciating its proposal to 9.75 billion euros ($13.3 billion).