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European Stocks Drop After U.S. Business Activity Report

European stocks dropped, paring their biggest weekly gain in almost two months, as technology companies retreated and a measure of business activity in the U.S. fell more than economists had projected.

Air France-KLM Group, Europe’s second-biggest airline by sales, retreated 2.8 percent. Mediaset SpA climbed 2.8 percent after Credit Suisse Group AG raised its price target on the Italian broadcaster. Serco Group Plc added 2.7 percent after predicting that its revenue growth in the first half will exceed its previous estimates.