Dip in DAX and Lisbon market weigh on European shares

martes 15 de julio de 2014 10:29 GYT
 

* DAX falls after weak ZEW data

* BES slides, weighs on Lisbon stock market

* Tendency to buy on dips continues - Reyl CIO

By Sudip Kar-Gupta

LONDON, July 15 (Reuters) - European stocks fell as declining investor morale hit Germany's benchmark DAX equity index and worries over Portugal's Banco Espirito Santo weakened the Lisbon market.

The declines on the DAX and Lisbon's PSI-20 equity index contributed to a retreat by the region's stock markets on Tuesday from the multi-year highs they reached in late June.

The DAX fell 0.3 percent to 9,751.08 points, down from its record high of 10,050.98 points in late June. The ZEW survey on Tuesday showed that German analyst and investor morale dropped in July for a seventh straight month, to its lowest level since December 2012.

The Lisbon stock market was also hit by a slide in the share prices of Banco Espirito Santo and Portugal Telecom.

Portugal Telecom fell after reports that Rioforte, a holding company of Portugal's Espirito Santo family, is preparing to file for protection from its creditors. That came hours before Rioforte was due to repay over $1 billion in debt to Portugal Telecom. Rioforte also owns a 49 percent stake in the company that is the largest shareholder in BES. Rioforte declined to comment.   Continuación...