Europe Stocks Fall Most in Two Weeks as Exporters Slide on China
China Yuan Devaluation Cast Shadow Over European Stocks
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Carmakers, miners and luxury-goods shares led a drop in European stocks after China devalued its currency by the most in two decades.
BMW AG and Daimler AG slid 4.3 percent or more, while LVMH Moet Hennessy Louis Vuitton SE and Swatch Group AG slipped at least 5.1 percent amid concern the yuan’s drop will hurt sales from China. Pernod Ricard SA and Remy Cointreau SA led losses in food-and-beverage shares. BHP Billiton Ltd. and Rio Tinto Group, the world’s biggest miners, fell more than 3 percent.