European stocks slipped from the highest level in more than five years as the region’s industrial output contracted more than forecast.
The Stoxx Europe 600 Index slipped less than 0.1% to 310.74 at the close of trading.
National benchmark indexes declined in 11 of the 18 western European markets today:
Euro-area industrial output contracted more than economists forecast in July as manufacturers struggled to shake off the legacy of a record-long recession. Factory production in the region fell 1.5% from June, when it gained 0.6%, the European Union’s statistics office said today. That’s more than the 0.3% contraction forecast by economists
Sanofi fell 2.6% after withdrawing a U.S. application for a diabetes drug.
Cie. Financiere Richemont (CFR) SA dropped 2.3% as revenue missed analysts’ estimates.
Vivendi SA advanced 2.7% after saying it will begin a formal study to separate its French phone unit from its media businesses.
Home Retail Group Plc (HOME) surged 5.4% to a two-year high as sales exceeded projections.
EDF SA, Europe’s biggest power generator, slipped 2.6% to 21.65 euros. Norges Bank, the second-largest shareholder, sold 13 million shares at 21.50 euros each, according to three people familiar with the deal.
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