Europe Stocks Drop as Bullard Says October Taper Possible
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European stocks dropped from a five-year high as Federal Reserve Bank of St. Louis President James Bullard said the central bank may decide to reduce bond purchases at its next policy meeting.
Adidas AG slid 3 percent after lowering its profit forecast for 2013. Deutsche Bank AG lost 2.1 percent after a report said Germany’s biggest bank may forecast lower revenue in its fixed-income division from a year earlier. Direct Line Insurance Group Plc fell 3.7 percent as Royal Bank of Scotland Group Plc sold a 630 million-pound ($1 billion) stake in the car insurer.