European Stocks Fall a Second Day; BSkyB, BT Group Slide

Daniel Rowland/AFP/Getty Images

Bloomberg News – By Tom Stoukas – June 14, 2012

European stocks dropped for a second day as Moody’s Investors Service downgraded Spain and Cyprus, while Switzerland’s central bank said that Credit Suisse Group AG (CSGN) must increase its capital this year.

Credit Suisse slumped 9.9 percent to its lowest price since 1992. British Sky Broadcasting Group Plc (BSY) and BT Group Plc (BT/A) tumbled 5.5 percent and 3.4 percent, respectively, after winning the rights to show live English Premier League soccer matches by paying an extra 70 percent. Nokia Oyj (NOK1V) plunged 16 percent after reducing its outlook for the second quarter.

The Stoxx Europe 600 Index (SXXP) dropped 0.6 percent to 241.2 at 3:32 p.m. in London, extending its slide from this year’s high on March 16 to 11 percent.

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