Market Update
Shares in the European region recouped earlier losses Thursday but remained pressured as Federal Reserve in the United States said the world's largest economy is slowing. Most Asian markets ended higher.
At 3.25 p.m. (I.S.T) Britain's FTSE gained 0.8%, France's CAC jumped 0.5% and Germany's DAX rose 0.4%.
After the European market closed on Wednesday, the U.S. Fed reported that the economy is witnessing "widespread signs of a deceleration" in mid-July through the end of August, according to a survey by 12 regional Fed banks.
Earnings-driven stocks included William Morrison Supermarkets, Home Retail Group and HMV that shed 0.7%, 2.9% and 11.3% respectively.
French insurer AXA slipped more than 2% after Australian regulators blocked National Australia Bank's attempt to takeover AXA Asia Pacific for $12 billion. The deal has hit an obstacle for the second time.
In news-related stocks, Goldman Sachs Group has agreed to pay a fine of $31 million to the United Kingdom Financial Services Authority, admitting it made a mistake in regulatory disclosures about the infamous London-based trader Fabrice Tourre, who is accused of fraud by the U.S. Securities and Exchange Commission.
Shares of Vodafone Group tumbled 1% after an Indian court decided that officials can claim taxes from the company � a move that could cost Vodafone about $2.6 billion.
Tax authorities are seeking capital-gains taxes on the telecom company as it acquired a majority stake in Hutchinson Essar three years ago.
Engineering software maker Aveva Group slipped 4.9% after UBS downgraded the company's shares to sell from neutral.