Europe stocks fall amid German pessimism Commerzbank helped to pull European stocks down from a two-month high as shares in one of Germany's biggest lenders fell amid a backdrop of growing pessimism among German businesses. Shares in Germany's second-biggest lender by assets fell 3.7 per cent to €1.32 as a Germany's service-sector PMI, a gauge of business outlook, fell to 48.1 in June from 49.3 in May. The composite number was also significantly lower than the flash estimate of 50.3. IN European Equities Germany's wider benchmark Xetra Dax index fell 0.6 per cent to 6,539.99, while the FTSE Eurofirst 300 slid 0.3 per cent to 1,043, led by banking and utility stocks. Traders sold out of Dutch insurer Aegon, sending shares falling 3.5 per cent to €3.61. ING downgraded its rating on the stock to "hold" from "buy." Shares in Frankfurt-listed Eon also suffered losses as brokers changed their ratings on Germany's largest utility by sales. Shares fell 2.9 per cent to €2.85 as JPMorgan and Citi downgraded their ratings, while Barclays, Canaccord Genuity and Natixis raised their price targets. Meanwhile, Fiat was the best performing stock in mid-day trading. Shares climbed 3 per cent to €4.25 as traders reacted to sanguine words from Sergio Marchionne, chief executive, late on Tuesday night. He said Chrysler's operating profit could exceed a $3bn target for the year. The carmaker also said it planned to increase its stake in the US subsidiary over the next few weeks. The rally in Fiat shares failed to lift Italy's broader FTSE MIB index which fell 0.9 per cent to 14,364.98. Bancassurer Mediolanum led losses, as shares fell 2.9 per cent to €2.73. In Spain, the IBEX 35 index fell 0.9 per cent to 7,159.1, while France's CAC 40 fell 0.6 per cent to 3,251.58. The Athens General index rallied 1.8 per cent to 631.41.