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European stocks dropped for a third day, extending a rout that has wiped $2.9 trillion from global equities this year. U.S stock-index futures rose, while Asian shares fell.
The Stoxx 600 fell 0.5 percent to 316.61 at 11:25 a.m. in London after earlier dropping as much as 0.8 percent. The Stoxx 600 has fallen 5.7 percent from its six-year high on Jan. 22 as a rout in emerging-market currencies spurred concern the global economic recovery is faltering, while the Federal Reserve went on slowing the pace of its bond buying.
A U.S. report may show that factory orders fell 1.1 percent in December after rising 1.8 percent in the previous month, according to the median estimate. In the U.K., construction expanded at the fastest pace since August 2007 last month, Markit Economics figures showed.
Vestas dropped 6.3 percent to 167.40 kroner. The world’s biggest wind-turbine manufacturer will sell as many as 20.4 million new shares through a private placement at market price after a two-year turnaround program dragged the company out of debt and resulted in its first quarterly profit since mid-2011. Net income in the fourth quarter of 218 million euros ($295 million) beat analysts’ expectations.
BP fell 1.5 percent to 466.8 pence. Europe’s second-largest oil company said fourth-quarter profit adjusted for one-time items and inventory changes dropped to $2.8 billion from $3.9 billion a year earlier.
UBS (UBSN) added 5.7 percent to 18.45 Swiss francs. Switzerland’s biggest bank reported net income of 917 million francs ($1.02 billion), double the 442 million-franc average estimate of analysts surveyed. UBS recorded a 470 million-franc tax gain in the quarter.
FTSE 100 6,439.73 -25.93 -0.40%
CAC 40 4,096.42 -11.33 -0.28%
DAX 9,092.65 -93.87 -1.02%