Economics
European Stocks Fall for Fifth Week as Economic Data Disappoints
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European stocks declined for a fifth straight week, the longest losing streak since July 2008, as U.S. jobs and manufacturing data that missed forecasts fueled concern the recovery in the world’s largest economy may falter.
Rio Tinto Group and BHP Billiton Ltd. led raw-material shares to the largest drop among 19 industry groups in the Stoxx Europe 600 Index as the U.S. jobless rate unexpectedly rose and a gauge of Chinese manufacturing expanded at the slowest pace in nine months. Nokia Oyj slumped the most in 10 years after the Finnish maker of mobile phones cut its forecasts for the devices and services unit.