European stocks slid the most in a week after U.S. Secretary of State John Kerry said the Obama administration will hold Syria accountable for using chemical weapons. The Stoxx Europe 600 Index retreated 1.3%.
“The apparent certainty that military action against Syria is on its way has traders highly uncertain about what the repercussions will be for igniting a powder keg in such an already volatile region,” experts said.
“Naturally, traders will be shying away from risky assets until there is some clarity about the future path of military intervention from the West.”
Aker Solutions lost 1.4%. The oil-services group controlled by billionaire Kjell Inge Roekke posted quarterly earnings of 0.44 kroner per share, missing the average analyst estimate of 0.728 kroner.
Antofagasta Plc retreated 4%. The copper producer posted first-half profit that dropped 39% after metal prices declined and costs rose. Net income declined to $395 million from $646.1 million a year earlier. Sales slipped 12% to $2.78 billion.
ThyssenKrupp fell 3.2%. Nomura downgraded Germany’s largest steelmaker to neutral from buy. The brokerage said that the shares will probably not rally because the Brazilian real has depreciated against the euro. ThyssenKrupp’s Steel Americas unit owns a steel mill in the Brazilian state of Rio de Janeiro.
Peugeot gained 2.7%. UBS upgraded the shares to buy from neutral, citing stabilizing volume in Europe and faster-than-expected restructuring.
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