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European stocks declined the most in two weeks as Adidas AG lowered its profit forecast and Banco Espirito Santo SA led a plunge in Portuguese equities. U.S. stock-index futures and Asian shares also dropped.
Adidas sank 12 percent to 61.66 euros after forecasting net income of 650 million euros in 2014. The owner of the Adidas and Reebok brands had estimated profit of 830 million euros to 930 million euros. The German sportswear company said the conflict between separatists and the Ukrainian government poses increasing risks to spending on its products in Russia and neighboring countries.
The European Union froze the assets of two Russian oligarchs last night as part of a broader range of measures to make President Vladimir Putin withdraw his support from rebels in eastern Ukraine. The 28-nation club has toughened its measures against the Kremlin after Malaysian Air Flight 17 was shot down on July 17. The U.S. says the missile was fired from an area controlled by pro-Russian separatists.
Banco Espirito Santo SA tumbled 42 percent to 20 euro cents.
Afren slumped 32 percent to 101 pence. The U.K. explorer of oil in Africa and northern Iraq suspended Chief Executive Officer Osman Shahenshah and Chief Operating Officer Shahid Ullah after an independent review found evidence of unauthorized payments to both managers. The investigation didn't find evidence that other board members were involved, the company said in a statement.
Shell advanced 3 percent to 2,454.5 pence. Europe's biggest oil company reported profit, excluding one-off items and inventory changes, that climbed 33 percent to $6.1 billion from $4.6 billion a year earlier. That beat the $5.6 billion average estimate of analysts surveyed by Bloomberg.
In Germany, a Federal Labor Agency report showed that unemployment stayed at 6.7 percent in July, matching the median estimate of economists surveyed by Bloomberg News.
FTSE 100 6,751.47 -21.97 -0.32%
CAC 40 4,282.5 -29.80 -0.69%
DAX 9,496.82 -96.86 -1.01%
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