European stocks fell for the first time in three days amid political wrangling in Italy and as orders for U.S. durable goods declined more than forecast.
The Stoxx Europe 600 Index lost 0.1% to 304.42.
The yield on Italy’s 10-year government bonds rose seven basis points to 4.4%, pushing the premium over German bunds to 251 basis points. The gap touched a two-year low on Aug. 19.
Orders for U.S. durable goods fell more than forecast in July after three months of increases. Bookings for goods meant to last at least three years decreased 7.3%, the most since August 2012, after a 3.9% gain in June, the Commerce Department said today in Washington. The median forecast of economists called for a 4% drop.
UniCredit SpA, Italy’s biggest bank, retreated 3.5% as members of former premier Silvio Berlusconi’s People of Liberty party threatened to topple Prime Minister Enrico Letta’s government. Royal KPN NV advanced 3% as the Dutch phone carrier won the support of minority shareholder America Movil SAB for the sale of its German business after acquirer Telefonica SA sweetened its bid.
Telefonica Deutschland, controlled by Spain’s largest phone company and owner of the O2 brand in Germany, climbed 3%.
Sanofi (SAN) rose 2.4%, for the biggest gain in the Stoxx 600 by index points. France’s largest drugmaker said tests showed superior benefits of its Fluzone High-Dose influenza vaccine relative to the standard dose of Fluzone treatment in preventing flu.
The Stoxx 600 Health-Care Index climbed 0.5% for the best performance among 19 industry groups in the Stoxx 600 after Amgen Inc. of the U.S. agreed to buy Onyx Pharmaceuticals Inc. in a $10.4 billion transaction.
K+S AG, Europe’s biggest potash producer, advanced 4.3% as Vladislav Baumgertner, chief executive officer of rival OAO Uralkali, was arrested in Belarus. Baumgertner was charged with abusing his office as chairman of Belarusian Potash Co., the trading venture known as BPC that Russia’s Uralkali and Belaruskali set up in 2005.
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