European Stocks Drop as Monti Struggles to Win Backing in Italy
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European stocks declined as Italy’s premier in waiting Mario Monti struggled to get political parties to help form his new Cabinet and the country’s biggest defense company forecast an unexpected loss.
Finmeccanica SpA sank 20 percent, saying it will sell 1 billion euros ($1.4 billion) in assets after predicting a loss for this year. UniCredit SpA slid 4.5 percent as banks posted one of the worst performances of the 19 industry groups in the Stoxx Europe 600 Index. Cable & Wireless Worldwide Plc plunged 26 percent as the company suspended future dividend payments and named a new chief executive officer.