European Stocks Drop as Emerging-Market Currencies Fall
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European stocks fell the most since June, extending the Stoxx Europe 600 Index’s weekly drop, as investors assessed a tumble in emerging-market currencies amid concern Federal Reserve tapering is hurting growth.
Banco Bilbao Vizcaya Argentaria SA dropped 5.1 percent on investor concern that its exposure to Turkey and Argentina will hurt earnings. Novartis AG lost 3 percent after failing to win backing from a European advisory panel for its Serelaxin treatment for acute heart failure. Aberdeen Asset Management Plc slumped 5.7 percent as Morgan Stanley recommended selling the stock. Celesio AG gained 3.7 percent as McKesson Corp. agreed to buy majority-owner Franz Haniel & Cie.’s holding in the company.