European Stocks Decline on Italian Election Deadlock
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European stocks declined as Italy’s inconclusive parliamentary election renewed concern that the Mediterranean nation will dilute its austerity program and the region’s sovereign-debt crisis will deepen.
Italian shares led the retreat, with the FTSE MIB Index tumbling 4.9 percent. Telecom Italia SpA slumped to a 15-year low as contracts to protect against a default by the country’s biggest phone company surged. SEB SA slid the most in four months after full-year net income missed estimates. BASF SE lost the most in more than nine months.