European stocks dropped to an almost six-week low as concern grew that the U.S. will take military action against Syria. The Stoxx 600 slid 0.5 percent to 297.57 at 10:33 a.m. in London, its lowest level since July 18.
“The key thing we are worried about regarding Syria, but also Egypt, is a sharp rise in oil prices and how it has a potential to be a bigger problem for emerging markets in particular and then, potentially the West” experts said. “This correction will create opportunities for those who are looking for more attractive entry levels.’”
Accor (AC) dropped 3.2%. Europe’s largest hotel operator said first-half earnings before interest and taxes fell to 198 million euros ($265 million) from 212 million euros a year earlier. That missed the average analyst projection that called for 212 million euros.
Ryanair Holdings Plc declined 1.1%. The U.K. antitrust regulators ordered the discount carrier to cut its stake in Aer Lingus Group Plc to no more than 5 percent to address competition concerns. Ryanair said it will appeal against the ruling.
Polymetal International Plc (POLY) lost 6.5% as the Russian gold and silver miner posted a first-half net loss of $255 million, compared with a $157 million profit a year earlier.
Statoil ASA (STL) rose 3.2%. Norway’s biggest energy company made its third oil discovery off the coast of Canada in the Flemish Pass basin. Bank of America Corp. raised the stock to buy from neutral.
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