Wednesday, 26 September 2012

European Stocks Drop

European stocks slid the most in a week after Federal Reserve Bank of Philadelphia President Charles Plosser said that the third round of bond buying may fail to stimulate growth or hiring.

U.S. index futures were little changed, while Asian shares fell. Anglo American Plc (AAL) lost 2.5 percent, contributing the most to a decline by a gauge of mining companies, after saying that it plans to reduce its production of coal. BHP Billiton Ltd.

(BHP) and Rio Tinto Group retreated 1.6 percent and 2 percent, respectively, as metal prices dropped. Myriad Group AG (MYRN), a software developer, tumbled 24 percent after starting a rights issue and reporting a wider first-half loss.

The Stoxx Europe 600 Index plunged 0.9 percent to 273.32 at 8:28 a.m. in London, its largest drop since Sept. 18.

The gauge has still rallied 17 percent from this year’s low on June 4 as European (SXXP) Central Bank policy makers approved a plan to buy the bonds of the most-indebted members of the euro area.

Futures on the Standard & Poor’s 500 Index expiring in December added 0.1 percent, while the MSCI Asia Pacific Index lost 1.3 percent. Via

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