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European stocks fell for a fourth day, the longest losing streak in three months, as a gauge of commodity producers sank to an 18-month low.
The Stoxx Europe 600 Index (SXXP) fell 0.8 percent to 285.89 at 10:04 a.m. in London.
U.K. unemployment rose at its fastest pace in more than a year and wage increases slowed. Unemployment as measured by International Labour Organisation methods rose by 70,000 to 2.56 million in the three months through February, the most since November 2011, the Office for National Statistics said today in London. The median forecast of economists was for the rate to stay unchanged.
A separate release showed that Bank of England Governor Mervyn King was defeated for a third month in a push for more stimulus. Six of the Monetary Policy Committee voted to keep the target for quantitative easing at 375 billion pounds ($575 billion) this month, the central bank said in the minutes of the April 3-4 meeting, published in London today. King, David Miles and Paul Fisher wanted to increase it
BHP Billiton (BLT) dropped 2.4 percent to 1,797 pence. Output of iron ore, its biggest earner, was 40.2 million metric tons in the three months to March 31, missing the median estimate of 42.3 million tons.
Rio Tinto Group and Anglo American Plc retreating 2.5 percent to 2,888 pence and 2.1 percent to 1,553 pence, respectively.
Tesco declined 2.1 percent to 376.9 pence after the U.K.’s largest retailer said it will exit the U.S. and took a 1.2 billion-pound charge to end the Fresh & Easy business. So-called trading profit fell 13 percent to 3.45 billion pounds in the 52 weeks ended Feb. 23, the company said.
BASF SE slid 2.8 percent to 66.22 euros, contributing the most to the Stoxx 600’s drop, after Nomura Holdings Inc. cut its recommendation on the world’s biggest chemicals maker to neutral, the equivalent of hold, from buy, citing above-average downside risks to consensus forecasts.
At that moment:
FTSE 100 6,270.44 -34.14 -0.54%
CAC 40 3,652.68 -33.11 -0.90%
DAX 7,589.08 -93.50 -1.22%
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