European Stocks Decline for Third Day on Renewed Debt Concerns

European stocks retreated for a third day, led by declines in Greece, Spain and Portugal, amid renewed concern that the sovereign-debt crisis may derail the economic recovery.

EFG Eurobank Ergasias SA led a 3.7 percent drop in Greece’s benchmark ASE Index as credit-default swaps on Greek debt rose to a record. Rio Tinto Group paced a decline in basic-resources shares as optimism faded that major changes may be made to Australia’s proposed mining tax. Adidas AG fell 4 percent after rival Nike Inc. reported sales that trailed analysts’ forecasts.