European stocks dropped for the first time in five days after data showed Chinese manufacturing shrank for a second month and Federal Reserve minutes signaled stimulus cuts will continue.
Preliminary German PMI Manufacturing increased to 54.7 points in February, from 54.3 points in January, according to data released. The result is below market consensus of 56.3 points. PMI Services grew to 55.4 points in February, following a 53.1 point reading the previous month and above expectations of a rise to 53.4.
Preliminary Eurozone PMI Manufacturing ticked down to 53 points in February, from 54 points in January. Eurozone Services PMI rose to 51.7 points in February, from 51.6 points in January, slightly below market consensus of 51.9 points. PMI Composite slid to 52.7 points, from 52.9 and against forecasts of a rise to 53.1.
The Stoxx Europe 600 Index slid 0.8% to 332.31.
BAE (BA/) dropped 9.3%. Europe’s largest defense company said earnings per share will decline 5% to 10% in 2014.
Randstad fell 8.4%, its worst retreat since August 2011. The world’s second-largest staffing company posted fourth-quarter sales that missed projections.
TUI slid 4.8%, its biggest decline since August. Monteray Enterprises Ltd., controlled by trusts of Norwegian shipping magnate John Fredriksen’s family, was selling a 15.7% stake in the owner of Europe’s largest travel company.
Rexam Plc retreated 5.5%.
Technip SA advanced 6.1%, its biggest increase since April. Europe’s largest oilfield-services provider by market value said its operating-profit margin from subsea operations will be at least 12% in 2014 and increase to 15% to 17% next year.
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