European Stocks Drop as No Greek Deal in Sight; Supermarket Stocks Rise

London (Jun 26)  Continued uncertainty over Greek debt and some sour notes from Asia overnight helped keep European markets off balance Friday. Once again, Europe's leaders failed to reach agreement and have pushed a Greek debt deal back to finance ministers for the weekend. German Chancellor Angela Merkel said everything must now be done to find a solution on Saturday.

London's FTSE 100 was down 0.93% at 6,744.38, while in Paris, the CAC 40 slipped 0.31% at 5,026.11. In Germany, the DAX was down 0.38% at 11,428. But Spain's IBEX 35 was just in positive territory at 11,311.6 and in Greece the Athens General Index was down just 0.1% at 780.9.

In London, supermarket Tesco  (TSCDY) bounced 3.3% to 224 pence a share on the news that like-for-like sales in the 13 weeks to May 30 fell less compared with the same period a year earlier. The slide was 1.3% compared with 1.7% in the quarter ended February 28, so it was an improvement of sorts.

Source: TheStreet