By Sara Sjolin
LONDON (MarketWatch) -- European stock markets traded broadly lower on Wednesday, tracking prior-day losses in the U.S. where discussions among lawmakers about raising the debt ceiling weighed on sentiment.
The Stoxx Europe 600 index dropped 0.4% to 311.90, erasing a 0.2% gain from Tuesday.
Among notable movers in the index, shares of Carnival PLC (CCL) lost 5.9% after Morgan Stanley cut the cruise-line operator to underweight from equal-weight. On Tuesday, the company laid out its profit expectations for the fourth-quarter, which were below analysts forecasts.
Shares of Nordea Bank AB lost 2.3% after the Swedish government said it is selling its remaining 7% stake in the bank.
On a more upbeat note, shares of ThyssenKrupp AG jumped 5.3% after European investor Cevian Capital said it has acquired a 5.2% stake in the German steelmaker.
More broadly, worries over the looming U.S. debt ceiling spilled over into Europe. The U.S. Treasury is set to reach its $16.7 trillion borrowing limit around mid-October, unless legislators move to raise the debt ceiling. Moody's Investors Service warned on Tuesday that a failure to raise the debt limit would result in a worse outcome for financial markets than a government shutdown. The ratings agency argued that market participants would view a decision not to raise the debt limit as the event with the higher probability of sovereign default.
U.S. stocks closed mostly lower on Tuesday and stock futures pointed to a lower open on Wednesday.
Among country-specific European indexes, Germany's DAX 30 index dropped 0.5% to 8,620.06, while France's CAC 40 index lost 0.5% to 4,176.42. The U.K.'s FTSE 100 index traded 0.5% lower at 6,541.22.
-Sara Sjolin; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-25-13 0445ETCopyright (c) 2013 Dow Jones & Company, Inc.
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