European stocks dropped for a fourth week, the longest streak of losses since August, as concern resurfaced about the region’s debt crisis and economic reports in China and the U.S. missed estimates.
Societe Generale SA (GLE) and UniCredit SpA sank more than 8 percent as banks led losses on the Stoxx Europe 600 Index this past week. Banco Espirito Santo (BES) SA tumbled 13 percent as it announced a share sale. Nokia Oyj (NOK1V) slumped 21 percent after reporting an operating loss for its mobile-phone division and forecasting that earnings won’t recover this quarter.
The Stoxx 600 lost 2.2 percent to 253.4 as China’s economy slowed more than forecast and a U.S. report showed employers added fewer jobs in March than estimated. The gauge has still climbed 3.6 percent this year as the European Central Bank disbursed more than 1 trillion euros ($1.3 trillion) to the region’s lenders through its longer-term refinancing operation, or LTRO.
SR5b airport projects OK’d
Prince Fahd Bin Abdullah, president of the General Authority of Civil Aviation (GACA), has approved a number of airport development projects worth a total of more than SR5 billion, the Saudi Press Ag