Wednesday, May 28, 2014

European stocks slip, but Telecom Italia scales higher

LONDON (MarketWatch) -- European stocks drifted lower Wednesday, leaning back from a six-year high brought in by a five straight winning sessions. The Stoxx Europe 600 (XX:SXXP) shed 0.2% to 344.01, with shares of Osram Licht AG (DE:OSR) sliding 7.6% as the lighting company issued a downbeat fiscal-year revenue forecast. Also lower, shares of GlaxoSmithKline PLC (UK:GSK) (GSK) fell 1.7% after the drug maker said British regulators are probing its commercial practices . But Telecom Italia SPA (IT:TIT) sat at the top of the Stoxx 600, rising 4% after Goldman Sachs put the shares on its conviction buy list. Among country-specific indexes, the U.K.'s FTSE 100 (UK:UKX) fell 3 points to 6,842.33, the German DAX 300 shed 0.1% to 9,935.30 and France's CAC 40 (FR:PX1) slipped 2 points to 4,527.76.

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