European Stocks Decline Amid U.S. Budget, Debt Gridlock
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European stocks declined to a one-month low amid concern that the impasse over the U.S. budget and debt limit may lead to a default.
Alcatel-Lucent SA slid 6.9 percent after French Prime Minister Jean-Marc Ayrault said the network-equipment maker’s restructuring plans won’t be approved without an agreement limiting job cuts. Cie. de Saint-Gobain SA fell 3.7 percent as Morgan Stanley cut its rating on Europe’s biggest supplier of building materials. Taylor Wimpey Plc rose 5.2 percent as Goldman Sachs Group Inc. added it to a conviction buy list.