LONDON (Thomson Financial) - Europe's leading exchanges remained sharply lower midday as a warning from Munich Re and caution from Hannover Re added to early gloom after sharp losses on Wall Street. At 11:40 a.m., the DJ STOXX 50 was down 22.75 percent, or 0.8 percent, at 2,837.13 and the DJ STOXX 600 was down 2.73 points, or 0.97 percent, at 279.48. Spread bettor, IG Index, said the Dow looks set for a flat open as investors await June new U.S. home sales. Strategists are looking for a total annual rate of 505,000 units, down from 512,000 units the previous month, reflecting a decline in mortgage applications and the continued slide in reported sales by housebuilders. Elsewhere, the University of Michigan Survey of Consumer Confidence for July is expected to be downwardly revised to a level of 56.4 from 56.6. Meanwhile,...
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