Economics
European Stocks Drop, Paring Fourth Weekly Advance
This article is for subscribers only.
European stocks dropped, paring a weekly gain, as Royal Bank of Scotland Group Plc and Renault SA fell, while investors weighed the U.S. manufacturing data to gauge the outlook for the Federal Reserve’s stimulus program.
RBS slid 7.5 percent after predicting a “substantial” annual loss because of writedowns. Renault declined 5 percent after its partner Nissan Motor Co. cut its full-year profit forecast. Vodafone Group Plc rose to the highest price in 12 1/2 years after people familiar with the matter said AT&T Inc. is exploring a takeover of the company.