European Stocks Drop to 10-Week Low as Miners Slide Before Fed
- High-yield fund liquidation adds to bearishness, says trader
- Spanish, Italian stocks worst performers in western Europe
European Markets Fall Along With Energy Stocks, Oil
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Declines in miners and energy producers dragged European stocks lower for a fifth session, two days before the Federal Reserve’s rate decision.
Glencore Plc and ArcelorMittal slipped at least 6.3 percent, pushing a gauge of miners to its lowest level since 2009. Tullow Oil Plc and Royal Dutch Shell Plc slid at least 3.5 percent as oil also fell. Investors have turned averse to risky assets before Wednesday’s Fed decision, and traders are pricing in a 74 percent chance that officials will then announce the first rate increase since 2006.