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European stocks declined
European stocks (SXXP) declined for a second day as concern that the region’s banks will have to raise capital overshadowed a report showing that U.S. companies added more workers to their payrolls than economists had predicted.
UniCredit SpA, which announced a rights offer at a 43 percent discount yesterday, slumped to a 19-year low. Societe Generale SA dropped 5.4 percent after announcing it will cut corporate- and investment-banking staff. In the U.S., private employers added 325,000 workers to payrolls in December, according to a report from Roseland, New Jersey-based ADP Employer Services. That was the biggest increase in records going back to 2001. The median projection in the survey called for an advance of 178,000.FTSE 5,624 -44.07 -0.78%, CAC 3,150 -43.29 -1.36%, DAX 6,100 -11.86 -0.19%
Societe Generale, France’s second-largest lender, retreated 5.4 percent to 16.08 euros after saying it will cut about 1,580 jobs at its corporate and investment bank, about 10 percent of the unit’s total staff.Nokia Oyj rose 7.1 percent to 4.16 euros after Credit Suisse Group AG raised its recommendation to “outperform” from “underperform.” The company considers Risto Siilasmaa, the founder of security software maker F-Secure Oyj, as the frontrunner to become its next chairman, a person familiar with the matter said.
Petrofac Ltd. (PFC), the U.K. oilfield-services provider, advanced 1.9 percent to 1,493 pence after agreeing with Schlumberger Ltd. (SLB) to cooperate on production projects.
Brenntag AG (BNR) fell 1.2 percent to 71.40 euros, its biggest drop in four weeks. Brachem Acquisition SCA sold an 8.7 percent stake in the chemical distributor to institutional investors for about 315 million euros.
CRH Plc (CRH) and HeidelbergCement AG (HEI) fell 2.7 percent to 15.06 euros and 2.8 percent to 33.61 euros, respectively. Credit Suisse lowered its recommendation on both companies to “underperform” and said volumes, prices and margins in the building-materials business will remain “challenged.”
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