European stocks retreated from a record, snapping a five-day advance, as Nokia Oyj and banks declined.
The Stoxx Europe 600
Index fell 0.5 percent to 411.7 at the close of trading, paring earlier
losses of as much as 0.8 percent. Nokia slid 3.6 percent after
confirming talks to buy Alcatel-Lucent SA, which jumped 16 percent.
Banco Santander SA and Intesa Sanpaolo SpA dragged bank stocks to the
biggest loss on the Stoxx 600. Rio Tinto Group and BHP Billiton Ltd. led
a rebound in miners, with gains of at least 2.8 percent.
European stocks
extended a record on Monday, with Spanish equities jumping to their
highest levels since January 2010. The Stoxx 600 has rallied 20 percent
this year amid better-than-expected data including last week’s German
industrial production report, pushing valuations to the highest in at
least a decade.
Source: Bloomberg
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