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European stocks declined, following the longest rally for the region’s equities in 40 months, as companies from Orange SA to STMicroelectronics NV (STM) reported lower quarterly sales. U.S. index futures and Asian shares also fell.
The Stoxx Europe 600 Index retreated 0.7 percent to 318.88 at 10:49 a.m. in London. The equity benchmark has still increased 2.7 percent so far this month as U.S. lawmakers agreed to extend the government’s borrowing authority until 2014. Standard & Poor’s 500 Index futures lost 0.5 percent today, while the MSCI Asia Pacific Index decreased 0.8 percent.
Orange dropped 4.7 percent to 10.15 euros after posting profit excluding some items that declined 7.7 percent as cost cuts failed to offset falling sales. Earnings before interest, taxes, depreciation and amortization of 3.37 billion euros ($4.6 billion) still beat the average analyst estimate of 3.34 billion euros, according to data compiled by Bloomberg.
STMicroelectronics tumbled 7.4 percent to 5.91 euros after taking a $120 million impairment charge for the third quarter. The company posted a $478 million loss in the year-earlier period. STMicro also delayed a profitability target after splitting up its venture with Ericsson AB.
FTSE 100 6,664.13 -31.53 -0.47%
CAC 40 4,260.48 -34.95 -0.81%
DAX 8,908.25 -39.21 -0.44%
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