European Stocks Fall as Moody’s Downgrades Italy, Spain Ratings

European stocks declined, paring the Stoxx Europe 600 Index’s biggest rally in a week, after Moody’s Investors Service downgraded six euro-area countries, including Italy, Spain and Portugal.

ThyssenKrupp AG, Germany’s biggest steelmaker, fell 3.8 percent after posting a first-quarter loss following project delays. Royal Dutch Shell Plc gained 1.5 percent, limiting the Stoxx 600’s decline. Nokia Oyj, the biggest maker of mobile phones, rose 2.1 percent after Nokia Siemens Networks’ Chief Executive Officer, Rajeev Suri, was reported to say that he doesn’t rule out holding an initial public offering.