European shares hit new three-month low, GAM slumps 15 pct

  • Reuters
  • Stock Market News
European shares hit new three-month low, GAM slumps 15 pct
Credit: © Reuters.

LONDON, June 14 (Reuters) - European shares fell for a fifth
straight session to a new three-month low, led down by
commodities stocks, with investors becoming jittery before the
U.S. Federal Reserve's policy meeting and next week's EU
referendum in Britain.
The pan-European FTSEurofirst 300 index .FTEU3 dropped 1
percent to its lowest level since late February, while the
broader STOXX Europe 600 .STOXX index also fell 1.1 percent.
European basic resources .SXPP and oil and gas .SXEP
indexes fell 2.4 percent and 1.5 percent respectively, tracking
weaker commodities prices.
Swiss money manager GAM Holding GAMH.S fell nearly 15
percent to a 4-1/2 year low after warning it expects a roughly
50 percent year-on-year fall in first-half underlying profit
before tax, mainly due to lower performance fees.
However, shares in Premier Farnell PFL.L surged 48 percent
after Daetwyler Holding DAE.S agreed to buy Premier Farnell in
an all-cash offer that valued the British electronic component
distributor at just over 1 billion Swiss francs ($1.04 billion).

Two opinion polls published by ICM showed on Monday that
Britain's "Out" campaign had widened its lead over the "In" camp
ahead of the June 23 referendum on Britain's EU membership,
adding to investors' general nervousness.
Uncertainty over this week's two-day Fed meeting, starting
later in the day, also weighed on markets, though the U.S.
central bank is widely expected to leave rates unchanged after
the much weaker-than-expected May nonfarm payrolls report.

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