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European stocks slid for a third day as German investor confidence declined more than forecast. Asian shares retreated while U.S. index futures indicated a rebound from the biggest drop in five months.
The Stoxx Europe 600 Index (SXXP) fell 0.7 percent to 288.31 at 10:01 a.m. in London, extending the decline over the past three days to 2.3 percent.
Michael Page plunged 7.6 percent to 367.1 pence, the biggest decline since March 2012. The recruitment company reported a 6.7 percent drop in first-quarter gross profit and forecast the second quarter will be “challenging.”
LVMH retreated 3.7 percent to 126.45 euros, the lowest since Nov. 19. The maker of luxury goods said revenue climbed 6 percent to 6.95 billion euros ($9.1 billion) in the three months through March, meeting the average of estimates. Sales rose 7 percent excluding exchange-rate fluctuations and acquisitions, compared with 14 percent in the first quarter of last year and 8 percent in the final three months of 2012.
Stockmann Oyj slumped 5.9 percent to 10.96 euros, the lowest price in almost four years. The Finnish department-store owner said full-year profit will miss forecasts as a recession in the northernmost country using the euro hurt revenue in the first quarter.
Danone (BN) rose 3.8 percent to 56.52 euros, the highest since January 2008, after the Paris-based maker of Evian bottled-water and Activia yogurt reported first-quarter sales growth that beat estimates as strong demand for baby food in emerging markets offset weak dairy sales in Europe. Comparable sales gained 5.6 percent, topping the 4 percent average of 14 analysts’ estimates compiled by Bloomberg.
At that moment:
FTSE 100 6,313.76 -29.84 -0.47%
CAC 40 3,693.96 -16.52 -0.45%
DAX 7,681.86 -30.77 -0.40%
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