Most European Stocks Fall on Recession Concern; GDF Declines

Most European stocks fell, led by consumer-goods companies and utilities, as concern that the U.S. recession is deepening overshadowed China's biggest interest- rate cut in 11 years.
Royal Philips Electronics NV dropped 3.7 percent and Hennes & Mauritz AB slumped 3.9 percent after government reports showed a worse-than-estimated decline in U.S. durable-goods orders and the steepest slide in consumer spending since 2001. GDF Suez SA sank 5.5 percent as the world's second-largest utility said sales will be hurt by French regulated natural-gas prices.
Six stocks retreated for every five that rose in Europe's Dow Jones Stoxx 600 Index. The gauge advanced less than 0.1 percent to 198.85 as China's rate reduction sparked gains of more than 5 percent in raw-material producers including BHP Billiton Ltd. and Anglo American Plc.
``Policy makers are recognizing the sense of urgency involved in responding to this crisis,'' said Mike Lenhoff, who helps oversee about $36.4 billion as chief strategist at Brewin Dolphin Securities Ltd. in London. ``The market is trying to establish some kind of platform.''
Europe's Stoxx 600 has fallen 45 percent in 2008, headed for its worst year on record, as credit losses and writedowns approach $1 trillion in the worst financial crisis since the Great Depression.
National Markets
National benchmark indexes declined in 12 of the 18 markets in western Europe. The FTSE 100 lost 0.4 percent. France's CAC 40 sank 1.2 percent, while Germany's DAX was little changed.
European Central Bank President Jean-Claude Trichet said there may be ``negative figures'' for economic growth in the euro area next year. Europe's economy slipped into its first recession in 15 years in the third quarter.
Philips, Europe's biggest consumer-electronics company, slipped 3.7 percent to 12.895 euros. H&M, Europe's second- largest clothing retailer, slumped 3.9 percent to 287 kronor.
The 6.2 percent drop in U.S. bookings of goods meant to last several years was the biggest in two years and followed a revised 0.2 percent decrease in September, the Commerce Department reported. The 1 percent decline in consumer purchases followed a 0.3 percent drop in September.
LVMH Moet Hennessy Louis Vuitton SA, the world's largest maker of luxury goods, slumped 6 percent to 42.98 euros.
Tiffany & Co., the world's second-largest luxury-jewelry retailer, reduced its forecast full-year earnings after third- quarter profit declined and sales shrank.
GDF Suez tumbled 5.5 percent to 30.97 euros. The world's second-biggest utility said it expects a ``shortfall'' of 440 million euros ($570.3 million) in the fourth quarter unless French state-set prices for natural gas are raised before the end of the year.

BHP Surges
France is studying possible cuts or caps on regulated natural-gas and electricity prices as a way to raise spending power, said government official who declined to be identified because of internal government rules.
BHP Billiton added 9.9 percent to 1,155 pence. Anglo American, the world's fourth-biggest diversified mining company, gained 5.2 percent to 1,525 pence.
The key one-year lending rate will drop 108 basis points to 5.58 percent, the People's Bank of China said on its Web site today. The deposit rate will fall by the same amount to 2.52 percent. The changes are effective tomorrow.

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