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European Stocks Drop as Fresenius Medical Care Retreats

European stocks fell, following yesterday’s rally for the Stoxx Europe 600 Index, as a report showed that U.K. construction expanded less than forecast.

Fresenius Medical Care AG plunged the most in more than a decade as the U.S. Medicare program proposed cutting spending on dialysis. Telefonica Deutschland Holding AG lost 1.7 percent as Commerzbank AG lowered its recommendation for the mobile-phone operator. Dialog Semiconductor Plc rose 7.6 percent after the German maker of chips used in Apple Inc.’s iPhone agreed to buy IWatt Inc. for as much as $345 million.