European stocks slide down
European stocks slide down European stocks declined, led by Tate & Lyle, Merck KGaA and Northern Rock. Earlier in the morning market opened on a negative note as the Dollar declined against the Euro, reducing the earnings of exporters. Tate & Lyle plunged after it announced that the weaker U.S. currency is likely to reduce its earnings. Europe`s largest biotechnology company, Merck, lost 7.2% to 83.52 Euros, the steepest fall in more than two years, after Deutsche Bank downgraded the company. UK`s index FTSE 100 declined 56.90 points, or 0.88%, to trade at 6,429.50 French benchmark index, CAC 40, declined 28.56 points, or 0.50%, to trade at 5,704.81. Germany`s index DAX declined 36.58 points, or 0.47%, to trade at 7,817.21. Italy`s MILAN MIB30 declined 300.00 points, or 0.75%, to trade at 39,759.00.
