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Market Update

European Markets Decline

European markets were lower Wednesday in line with declines elsewhere in global markets on mounting concern over violence in Iraq.

The FTSE was down 0.6%. The CAC 40 Paris fell 0.5% while the DAX was down 0.3%.

Earlier today, the closely watched Gfk consumer climate index rose to a seven-and-a-half year high of 8.9 in June from 8.6 in May, and beating expectations for a reading of 8.5.

Treasuries and Bunds benefitted as investors turned to their attention to these relatively safer assets and German government bond yields fell to their lowest this year.

Stocks on the Move

Glencore PLC and Aussie miner BHP Billiton both fell 1.2% each. Anglo American was also down 1.7%.

Bunzl PLC dropped 3.3% after the company said it purchased Netherlands based Allshoes Benelux and also JPLUS Comercio e Distribuicao in Brazil. The company also reported a 6% increase in first-half revenue.

GDF Suez sank 2.5% after the French government sold a 3.1% stake in the company at a price at the bottom of the range for the share placement set by book-runners. The proceeds will be used to purchase a stake in Alstom.

Later in the day, the U.S. will release the final reading of first-quarter GDP as well as other data.