European stocks dropped for a second day as companies from WPP Plc (WPP) to Allianz SE posted profit that missed estimates. The Stoxx Europe 600 Index slipped 0.4%.
In Germany, the Federal Labor Agency reported that unemployment in Europe’s largest economy decreased by 14,000 this month, more than the average forecast of 10,000. Joblessness fell by 28,000 in January.
WPP sank 5.2% to 1,262 pence. The world’s largest advertising company posted profit before interest and taxes of 1.66 billion pounds ($2.8 billion) for 2013. That fell short of the 1.69 billion-pound average estimate of nine analysts.
Allianz slid 2.4% to 127.80 euros. Europe’s biggest insurer reported fourth-quarter net income of 1.26 billion euros ($1.7 billion), falling short of the 1.31 billion euros projected by analysts. The company also said it will increase its dividend for 2013 to 5.30 euros a share from the 4.50 euros distributed to shareholders for 2012.
RBS declined 6.6% to 330.5 pence. The bank said its net loss widened to 9 billion pounds in 2013 from 6.1 billion pounds in 2012. Chief Executive Officer Ross McEwan outlined plans to shrink its investment banking and overseas operations.
Essilor International SA lost 4.5 percent to 75.28 euros. The French maker of contact lenses reported net income in 2013 of 593 million euros, missing the 608 million-euro average estimate of analysts.
A.P. Moeller-Maersk A/S slipped 2% to 64,800 kroner. The world’s largest container-shipping line said earnings before interest and taxes declined 7.5 percent to 41.2 billion kroner ($7.5 billion) in 2013.
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