European Stocks Drop as Investors Weigh Yellen, Ukraine

European stocks declined, paring their biggest weekly gain in six months, after Federal Reserve Chair Janet Yellen underscored the persistence of labor-market slack in the U.S. economy and as investors watched rising tensions in Ukraine.

Piraeus Bank SA and Banca Monte dei Paschi di Siena SpA gained at least 2.8 percent as a gauge of lenders advanced for a second day. Essentra Plc climbed 3.1 percent after JPMorgan Chase & Co. raised its rating on the U.K. maker of items from toothpaste tubes to packaging tape. CGG SA and Fugro NV lost at least 2.2 percent as oil and gas companies retreated.