European Stocks Retreat From 28-Month High; Nestle, Dixons Drop
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European stocks declined from a 28-month high as a larger-than-forecast increase in U.S. initial jobless-benefit claims overshadowed gains by banks after Spain and Italy sold bonds.
Nestle SA, the world’s biggest food company, fell 3 percent on analyst downgrades. Dixons Retail Plc slumped 10 percent after saying earnings will probably be “around the bottom end” of estimates. Commerzbank AG lost 1.2 percent after announcing a capital increase. Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s largest banks, climbed as demand increased at an auction of the nation’s debt.