European Stocks Decline for Second Day as Fund Outflows Deepen
European shares posted their first back-to-back losses since mid-August, heading for their first weekly slide in three.
The Stoxx Europe 600 Index slipped 0.3 percent at 8:17 a.m. in London, taking its weekly drop to 0.7 percent. Most industry groups retreated, and a Bank of America Corp. report showed fund managers withdrew money from the region’s equity funds for a 31st straight week.
After rising to their highest prices since April, European shares have once again lost momentum, with U.S. services data showing the weakest expansion in six years and European Central Bank President Mario Draghi downplaying the need for more economic stimulus. The Stoxx 600 has lost 4.8 percent this year.
Among stocks moving on corporate news, Greene King Plc dropped 4.2 percent after the British pub owner said there could be tougher trading ahead. UniCredit SpA fell 1.2 percent after a report that it’s considering raising as much as 10 billion euros ($11 billion) in capital. Burberry Group Plc slid 2 percent after a report that it cut prices in Hong Kong and China.
J D Wetherspoon Plc rose 3.3 percent after the U.K. pub chain reported adjusted pretax earnings that beat estimates.