European Stocks Post Biggest Drop in a Month as Miners RetreatBy
European stocks fell the most in a month as commodity producers tracked losses in steel and copper prices.
The Stoxx Europe 600 Index lost 0.5 percent at the close, after erasing gains of as much as 0.4 percent. All but three of the benchmark’s 19 industry groups declined, with miners dropping the most in almost two weeks.
- Commodity producers fell 2.8 percent, trimming their fifth straight quarterly advance. Health-care shares declined the most since January, while carmakers dropped to a three-week low.
- Italian lenders climbed as the yield spread between 10-year German and Italian bonds narrowed. Deutsche Bank AG advanced 4.3 percent, snapping a three-day slump.
- The upcoming French presidential election has not impeded the momentum in equity markets so far, Macquarie Group analysts said in a note, citing gains in the Stoxx 600 and European banks this year.
- Among shares active on corporate news, Akzo Nobel NV rose 2 percent as PPG Industries Inc. was said to be preparing a renewed takeover bid for Europe’s largest coatings company after a previous offer was rejected.
- Fingerprint Cards AB slumped 32 percent after the maker of biometric sensors said revenue will more than halve in the first quarter, and withdrew a proposal to pay its first-ever dividend.
— With assistance by Elena Popina