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European Stocks Retreat Amid Turmoil in Spain, Italy

European stocks tumbled the most in more than three months as Spanish and Italian banks retreated with the nations’ government bonds amid signs of returning political uncertainty in the region’s weakest economies.

Banco Santander SA, Spain’s largest bank, sank the most in six months as Prime Minister Mariano Rajoy denied corruption allegations. UniCredit SpA, the biggest lender in Italy, posted the largest drop since June as former premier Silvio Berlusconi gained in opinion polls before elections this month. Julius Baer Group Ltd. fell 3.1 percent after the wealth manager reported declining revenue margins.