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European stocks declined the most in more than two weeks as minutes released by the Federal Reserve disappointed investors seeking a more definitive signal for further quantitative-easing measures.
Temenos Group AG plunged 28 % to a three-year low after reducing its estimate for 2012 revenue growth and saying its chief executive officer quit. Ashmore Group Plc (ASHM) dropped 6.7 % after the fund manager reported a drop in assets. Aegis Group Plc surged 45 %, the most in 21 years, after Japan’s Dentsu Inc. agreed to buy the company.
The Stoxx Europe 600 Index (SXXP) fell 1.1 % to 252.89 at the close in London, the biggest retreat since June 25. The benchmark measure has retreated 0.6 % this week, after a five-week rally, as concern mounted the slowing economic growth will curb earnings in the U.S. and Europe.
National benchmark indexes fell in 16 of the 18 western European markets.
FTSE 100 5,608.25 -56.23 -0.99% CAC 40 3,135.18 -22.07 -0.70% DAX 6,419.35 -34.50 -0.53%
Temenos (TEMN) declined 28 % to 10.25 Swiss francs, the lowest price and the biggest decrease since the first quarter of 2009, after reducing its forecast for 2012 revenue growth to a range of minus 5 % to plus 1 %, compared with an earlier forecast of minus 5 % to plus 6 %. The company also said CEO Guy Dubois will step down for personal reasons and be replaced by David Arnott, who’s currently the chief financial officer.
Cap Gemini SA (CAP), France’s biggest computer-services company, declined 2.9 % to 26.23 euros.
Infosys Ltd. (INFY), India’s second-biggest software exporter, cut its sales forecast and reported fiscal first-quarter profit that missed estimates.
Ashmore tumbled 6.7 % to 307.8 pence, the lowest since October. The U.K. fund manager said assets under management fell 3.3 % to $63.7 billion in the fourth quarter.
A gauge of mining companies fell 2.8 % for the worst performance among the 19 industry groups on the
BHP Billiton, the world’s largest mining company, lost 3.3 % to 1,751 pence. The stock was cut to neutral from outperform at Credit Suisse Group AG.
Aegis Group surged 45 % to 235.3 pence, the biggest jump since at least January 1991. Dentsu, a Japanese advertising company agreed to buy Aegis in a deal valued at about 3.16 billion pounds ($4.9 billion).
SAP AG (SAP) advanced 2.7 % to 47.50 euros, erasing earlier losses, after the biggest maker of business-management software reported second-quarter software license sales that topped analysts’ estimates.
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