European stocks extend weekly drop amid Greece as Syngenta falls
By Bloomberg
European stocks fell for a second day, pushing the Stoxx Europe 600 Index towards its first weekly drop in three.
Europe’s equity benchmark slipped 0.3 percent to 409.9 at 8:21 a.m. in London. Investors are watching Greek developments after International Monetary Fund Managing Director Christine Lagarde warned that she wouldn’t let Greece skip a debt payment to the lender.
The Stoxx 600 is heading for a weekly drop of 0.5 percent, with German, Italian and Portuguese equities leading losses. Benchmark measures from the three countries were among the best performers in developed markets in the first quarter.
European shares have surged 20 percent this year. They rallied to a fresh peak on Wednesday after European Central Bank President Mario Draghi said quantitative easing would continue until there’s a sustainable improvement in inflation.
Among stocks moving on corporate news, Syngenta AG dropped 2.9 percent after first-quarter sales missed projections. Abertis Infraestructuras SA fell 1.6 percent as an investor sold a 1.3 percent stake.
Accor SA gained 1.5 percent after it reported first-quarter sales growth that exceeded analysts’ estimates.
A report at 9:30 a.m. in London may show the U.K.’s unemployment rate fell slightly in the three months through February, according to economists’ forecasts compiled by Bloomberg.
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