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European stocks dropped, erasing a two-day gain, as Remy Cointreau SA and Pernod Ricard SA dragged food-and-beverage companies lower.
In the U.S., the S&P Case-Shiller index of property prices in 20 cities rose 13.3 percent in September, more than the 13 percent forecast by economists surveyed by Bloomberg. The gauge of house values increased 12.8 percent in August.
A separate report showed that confidence among U.S. consumers unexpectedly declined this month. The Conference Board’s index fell to 70.4 in November from a revised 72.4 in October, the New York-based private research group said. The median forecast in a survey of economists had called for a reading of 72.6.
National benchmark indexes declined in every western-European market except Spain and Iceland. The U.K.’s FTSE 100 retreated 0.9 percent and France’s CAC 40 dropped 0.6 percent. Germany’s DAX decreased 0.1 percent.
Remy slumped 8.3 percent to 66 euros after Chief Executive Officer Frederic Pflanz said on a conference call that profit may fall 20 percent. The maker of Remy Martin cognac forecast in a statement that operating profit will drop in its financial year through March, with trading worsening in the next six months, because of lower sales in China. The company said that its distribution network in the world’s second-largest economy had high levels of inventory.
Pernod Ricard and Diageo Plc, Remy’s larger rivals, retreated 2.6 percent to 84.33 euros and 1.6 percent to 1,968 pence, respectively.
Banca Monte dei Paschi di Siena SpA slid 5.9 percent to 18.4 euro cents after its board decided to increase a rights offer to 3 billion euros ($4.1 billion). The bank had planned to raise 2.5 billion euros through the share sale, which it intends to complete by the end of of the first quarter of 2014.
Hugo Boss AG slipped 2.1 percent to 97 euros after the German luxury-clothing maker controlled by buyout firm Permira Advisers LLP predicted that it will miss a 2015 target to achieve a 25 percent ">Repsol climbed 4.3 percent to 19.24 euros after ministers made a new offer to compensate the oil producer for the 51 percent stake in YPF seized by Argentina in April 2012. The Spanish oil company in June rejected an offer of assets valued by Argentina at $3.5 billion plus a further $1.5 billion to develop the project, according to a regulatory filing. Repsol’s board will consider the proposal tomorrow.
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