Pursuits
European Stocks Decline on China Interest Rates, Apple Forecast
This article is for subscribers only.
European stocks fell the most in two weeks, led by basic-resources and technology shares, after China raised its benchmark interest rate and Apple Inc.’s earnings forecast missed analyst estimates.
Rio Tinto Group and Xstrata Plc fell more than 3 percent as the People’s Bank of China increased its lending and deposit rates for the first time since 2007. ARM Holdings Plc, the designer of chips that power Apple’s iPhone, sank 2.6 percent. Banks limited declines as Goldman Sachs Group Inc. and Bank of America Corp. reported earnings excluding one-time items that topped analyst estimates.