On Friday European stocks dropped, even as the benchmark Stoxx Europe 600 Index headed for its longest stretch of weekly gains in more than six years. US index futures and Asian shares also retreated.
Anglo American Plc, the producer of metals and minerals from Africa to Brazil, rose 1.5% as second- quarter iron-ore production and copper output increased.
The Stoxx 600 fell 0.1% to 261.54 at 10.07am in London. The gauge has rallied 2.1% so far this week, its seventh successive gain that is the longest winning streak since January 2006, as companies reported better-than-expected quarterly earnings.
Euro-region finance ministers hold a conference call during the day to discuss the terms for the Spanish bank bailout.
UK stocks declined, sending the FTSE 100 Index down from an 11-week high, led by a selloff in shares of Resolution Ltd. and Vodafone Group Plc. Resolution, the insurance buyout firm founded by Clive Cowdery, dropped 7.6% as the company canceled plans to return capital to shareholders. Vodafone slid 2.4% after Europe’s biggest mobile-phone company reported service revenue that trailed analyst estimates. London Stock Exchange Group Plc climbed for a second day. The FTSE 100 slid 0.3%, to 5,699.39 at 9.52am in London. The gauge has advanced 0.6% this week and is on course for a seventh straight week of gains, the longest winning streak since July 2005.
Japanese stocks fell, with the Nikkei 225 Stock Average capping a second weekly loss, as brokerages and insurers dropped after US economic reports missed estimates. Toyota Motor Corp., a carmaker that depends on North America for 25% of its sales, dropped 1.8%. The Nikkei 225 fell 1.4% Tokyo, dropping 0.6% this week. The broader Topix Index slid 1.8%.
This article was compiled by Valletta Fund Management Limited, a member of the BOV Group.
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