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European Stocks Drop as Portugal, Italy Banks Fall

European stocks fell for a fifth day as a gauge of lenders declined to its lowest level this year and equities in the so-called peripheral nations tumbled.

Banks in Portugal, Italy and Spain sank, sending an industry gauge to the fourth slump in five days. Fugro NV plunged the most since 2003 after predicting a drop in profit margin and a write-off of as much as 350 million euros ($477 million). Gerresheimer AG and Tryg A/S climbed after posting quarterly earnings that exceeded analysts’ estimates.