European Stocks Decline on Concern Over Cyprus Bank Levy
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European stocks retreated, with the Stoxx Europe 600 Index paring an earlier tumble, after the euro area forced Cyprus to adopt a levy on bank deposits, prompting concern that the region’s debt crisis will reignite.
UniCredit SpA, Italy’s largest lender, fell as banks posted the worst performance among the 19 industry groups on the Stoxx 600. Ericsson AB posted its largest retreat in more than two months after agreeing to end its unprofitable chip venture with STMicroelectronics NV. Eurasian Natural Resources Corp. led a decline by commodity producers as metal prices slid.