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European stocks dropped for the first time in three days as investors awaited data on U.S. durable-good orders. U.S. index futures were little changed and Asian shares rose.
U.S. data today may show orders for durable goods fell 4 percent in July, according to the median estimate in a Bloomberg survey of 64 economists. The Commerce Department report is due for release at 8:30 a.m. in Washington.
European Central Bank policy makers can’t rule out lowering the benchmark interest rate from the record low of 0.5 percent even amid signs the euro-area economy is improving, Governing Council Member Panicos Demetriades said in an Aug. 24 interview. By contrast, Bank of Austria Governor Ewald Nowotny said Aug. 22 that he doesn’t see “many arguments now for a rate cut” after the recent “stream of good news.”
UniCredit SpA led banks lower, retreating 2.7 percent.
Royal KPN NV advanced 2.9 percent after winning the support of minority shareholder America Movil SAB for the sale of its German business to Telefonica Deutschland Holding AG. Telefonica Deutschland rallied 3.9 percent.
FTSE 100 Closed
CAC 40 4,043.51 -25.96 -0.64%
DAX 8,392.23 -24.76 -0.29%
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