LONDON May 5 European stocks closed lower on
Wednesday, as sentiment was soured by the threat of a growing
debt crisis in the euro zone, offsetting positive results from
InBev (ABI.BR) and a rise in U.S. private sector jobs.
Some nerves were rattled after ratings agency Moody's said
it was more likely to downgrade Portugal's Aa2 credit rating
after placing it on a three-month review than when it first put
the country on negative outlook last year. [ID:nLDE64421G]
The pan-European FTSEurofirst 300 .FTEU3 index of top
shares provisionally closed 0.8 percent lower at 1,024.70 points
to a two-month closing low for the second day in a row.
"There is a fear that maybe it's a correction or the end of
the cyclical counter trend bull market. We see an increase in
volumes on falling prices and that is not a good sign
technically," said Giuseppe-Guido Amato, strategist at Lang &
Schwarz in Frankfurt.
World No.1 brewer Anheuser-Busch InBev rose 2.3 percent
after it earned more than expected in the first quarter of 2010
as beer sales surged in Brazil and forecast stronger growth in
the second half of the year. [ID:nLDE6421LX]
(Reporting by Harpreet Bhal)