European Stocks Decline as Munich Re Misses, Draghi Warns

European stocks fell to their lowest level in more than three-and-a-half months as European Central Bank President Mario Draghi warned that geopolitical risks in countries such as Ukraine could hurt the economic recovery, while Munich Re’s earnings missed forecasts.

Munich Re slipped 2.3 percent. Adidas AG lost 4.5 percent after cutting its profit forecast for 2014. Commerzbank AG rose after saying second-quarter profit more than doubled as it shed unwanted assets. Nestle SA added 3.4 percent after it announced plans for a share buyback as first-half revenue growth beat analysts’ estimates.