European shares retreat on global rate concerns

(Reuters) - European stocks fell on Wednesday, mirroring losses in U.S. and Asian markets as government bond yields hovered near five-year highs and stoked worries of higher borrowing costs.

Financials including ING and Allianz were among the biggest negative weights in the FTSEurofirst 300 index. Among gainers, British bank Alliance & Leicester added 1.5 percent after it issued an upbeat trading update.


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REFILE-ING holding in ABN drops to 3.7 pct

(Reuters) - ING, along with UBS , are among the largest
shareholders in ABN, which is facing competing takeover
proposals from Barclays and a consortium led by Royal
Bank of Scotland .




Much of ING's holdings in ABN are shares that it holds on
behalf of clients, although ING legally owns the shares and can
vote with them.


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European Stocks Fall on Bond Yields; Allianz, British Energy Decline

(Bloomberg) -- European stocks dropped for a second
day on concern rising bond yields will undermine profit growth
and erode demand for equities.

Allianz SE and British Energy Group Plc led declines by
insurers and utilities, among the most sensitive to higher
interest rates. Construction shares fell to the lowest in six
weeks, paced by Bouygues SA and Skanska AB, on speculation
refinancing costs for projects might rise.


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Dollar at 4-1/2 year peak vs yen as U.S. yields rise

(Reuters) - Investors were braced for U.S. retail sales data, the Federal Reserve Beige Book and speeches from Fed officials as markets have dropped expectations of lower U.S. interest rates later this year.




"Now people are focusing on home-grown issues in the U.S., including the mispricing of the Fed cycle -- rate cut are now fully taken out and markets are focusing on tightening next year," said Chris Turner, head of FX strategy at ING.


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U.K.'s FTSE Index Slides, Led by Anglo American; Xstrata Gains on Upgrade

(Bloomberg) -- U.K. stocks fell, led by Anglo
American Plc, the world's second-largest mining company.

BT Group Plc advanced after a brokerage recommendation.


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France's Consumer Prices Increase at an Annual Rate of 1.2 Percent in May

(Bloomberg) -- French annual inflation slowed to
1.2 percent in May, equaling the lowest since November 1999.

Consumer prices rose by 1.2 percent from a year earlier,
down from 1.5 percent the previous month, based on European
Union-harmonized methods, Insee, the national statistics bureau,
reported today in Paris. From a month earlier, prices rose by
0.3 percent, down from 0.5 percent in April.


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Pakistan cement makers seek more S.Africa coal

(Reuters) - Pakistani cement makers say they expect to increase sharply their imports of South African coal during the financial year beginning July because of the shortage of Indonesian material.

The rise in demand is expected to boost already strong prices for South African coal because supply is limited for the rest of this year, producers and traders said.


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