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European stocks declined for a second day as companies from WPP Plc to Allianz SE posted profit that missed estimates. U.S. index futures erased their advance, while Asian shares were little changed.
The Stoxx Europe 600 Index slipped 0.4 percent to 336.21 at 9:25 a.m. in London today. The benchmark fell yesterday as Credit Suisse Group AG dragged banks lower after a person familiar with the matter said that the Securities and Exchange Commission began an investigation into its conduct last year. Standard & Poor’s 500 Index futures lost less than 0.1 percent today, while the MSCI Asia Pacific Index was unchanged.
In Germany, the Federal Labor Agency reported that unemployment in Europe’s largest economy decreased by 14,000 this month, more than the average forecast of 10,000 in a Bloomberg survey. Joblessness fell by 28,000 in January.
WPP sank 5.2 percent to 1,262 pence. The world’s largest advertising company posted profit before interest and taxes of 1.66 billion pounds ($2.8 billion) for 2013. That fell short of the 1.69 billion-pound average estimate of nine analysts.
Allianz slid 2.4 percent to 127.80 euros. Europe’s biggest insurer reported fourth-quarter net income of 1.26 billion euros ($1.7 billion), falling short of the 1.31 billion euros projected by analysts. The company also said it will increase its dividend for 2013 to 5.30 euros a share from the 4.50 euros distributed to shareholders for 2012. That matched a Bloomberg Dividend Forecast.
RBS declined 6.6 percent to 330.5 pence. The bank said its net loss widened to 9 billion pounds in 2013 from 6.1 billion pounds in 2012. Chief Executive Officer Ross McEwan outlined plans to shrink its investment banking and overseas operations.
FTSE 100 6,739.51 -59.64 -0.88%
CAC 40 4,358.57 -38.34 -0.87%
DAX 9,512.66 -149.07 -1.54%
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