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By Bloomberg

European stocks retreated from a three-week high, as earnings disappointments offset gains in telecommunication shares.

Deutsche Wohnen AG fell 4.2 percent after the residential landlord posted a quarterly loss. Burberry Group Plc slid 4.3 percent as it reported a decline in annual earnings. Altice SA jumped 7.1 percent on deals activity, while Vodafone Group Plc rose 3.3 percent after Liberty Global Plc Chairman John Malone said a tie-up with the U.K. phone company would be a “great fit” for his cable empire in western Europe.

The Stoxx Europe 600 Index slipped 0.2 percent to 403.94 at 9:15 a.m. in London, reversing a gain of as much as 0.2 percent. Investors are waiting for the release of minutes from the Federal Reserve’s last meeting after the European market close and watching developments in Greece. The ASE Index fell 1.2 percent after closing at its highest level since March 6 as ECB policy makers are discussing aid for the nation’s banks. Benchmark gauges for Italian and German stocks lost more than 0.3 percent.

The Stoxx 600 rallied 1.7 percent on Tuesday as Executive Board member Benoit Coeure said the European Central Bank will increase bond buying in May and June. That pushed its rebound to 4.1 percent from its two-month low earlier in May through yesterday.

ECB QE

The ECB’s quantitative-easing program helped push the Stoxx 600 up as much as 21 percent this year through a record in April as carmakers led the rally with a weakening of the euro. The index then lost 6.1 percent through May 6 as the currency strengthened.

Yet even with the drops, investors kept betting on stock gains. The volume of bullish Euro Stoxx 50 Index options this month is the highest since June 2012 relative to bearish contracts.

Altice extended its record monthly jump after agreeing to buy a majority stake in Suddenlink Communications. Patrick Drahi’s company also approached Time Warner Cable Inc. for a takeover, a person familiar with the matter said.

UBS Group AG gained 3.1 percent after saying its main unit will plead guilty to fraud in the U.S. for manipulating benchmark interest rates and pay $203 million in fresh fines.