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European stocks dropped, snapping a three-day advance, as Hurricane Sandy headed toward New York City, prompting the U.S. to suspend equity trading on all markets today.
Italian Prime Minister Mario Monti and his Spanish counterpart Mariano Rajoy meet in Madrid today, less than a week after Monti signaled that he would like Spain to ask for a full sovereign bailout from the European Union.
Greece’s political leaders continued to seek agreement on the labor reforms and structural changes needed to qualify for more aid under the country’s international bailout.
National benchmark indexes fell in 13 of the 18 western- European markets. The U.K.’s FTSE 100 slipped 0.2 percent and France’s CAC 40 lost 0.8 percent. Germany’s DAX slid 0.4 percent, while Greece’s ASE tumbled 6.3 percent.
BT retreated 1.5 percent to 213.9 pence after the person, who asked not to be identified, said that European corporate customers have cut back on its services. The U.K.’s largest fixed-line phone company had said that underlying revenue growth would improve in the fiscal years ending March 2013 and 2014. BT is scheduled to release earnings on Nov. 1.
ThyssenKrupp AG dropped 3.7 percent to 17.19 euros. Germany’s biggest steelmaker asked companies to resubmit offers for its unprofitable Americas unit after deciding the original bids were too low, people familiar with the matter said.
UBS jumped 7.3 percent to 13.12 francs. The lender intends to shrink its fixed-income operations, reducing risk-weighted assets by an additional 100 billion francs ($107 billion), said a person with knowledge of the matter who requested anonymity because the plans are private.
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