European Stocks Decline as Germany Rejects Merging Rescue Funds
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European stocks dropped after Germany rejected combining the current and permanent euro-area rescue funds and expressed pessimism over the outcome of a European Union summit this week.
Banca Monte dei Paschi di Siena SpA, Italy’s third-biggest bank, led a drop among lenders. ING Groep NV fell 4.7 percent after saying it plans to take a charge related to its U.S. annuity business. Airline shares slid after the International Air Transport Association forecast a decline in industry profits in 2012.