European Stocks Drop on Concern Earnings Are Slowing Down


11/07/2012 11:10 AST  Bloomberg

European (SXXP) stocks retreated for the fifth time in six days on concern that slowing global growth is pulling down company earnings. U.S. index futures and Asian shares were little changed.

Carrefour SA (CA), the world’s second-biggest retailer, dropped 1.3 percent after a report that first-half sales in France dropped. Burberry Group Plc (BRBY) tumbled to a six-month low after quarterly sales missed projections.

The Stoxx Europe 600 Index declined 0.5 percent to 254.43 at 8:06 a.m. in London. The benchmark measure rose for the first time in a week yesterday as manufacturing in U.K. and Italy unexpectedly gained. Futures on the Standard & Poor’s 500 Index was unchanged, while the MSCI Asia Pacific Index gained less than 0.1 percent.

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