European Stocks Drop on Concern Over Future of Italian Austerity
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European stocks declined, reversing earlier gains, as an opinion poll in Italy showed the anti-austerity campaign of Silvio Berlusconi has boosted the former premier’s popularity before this month’s elections.
UniCredit SpA and Intesa Sanpaolo SpA led a drop in Italian shares. Vinci SA, Europe’s biggest builder, slid 3.3 percent after posting a decline in 2012 profitability. ArcelorMittal climbed 1.1 percent. Volvo AB jumped 4.2 percent even after fourth-quarter profit fell as the company predicted its North American and European markets will improve this year.