Europe Stocks fall from 7-Year High as Siemens, Philips retreat

Big 5

European stocks declined from a seven-year high, snapping an eight-day winning streak, as Siemens AG led industrial companies lower.

The Stoxx 600 slid 0.4 percent to 371.08 at 8:46 a.m. in London. The benchmark index gained yesterday, capping its longest winning streak since April amid optimism about European Central Bank stimulus, while Greek shares declined as opposition party Syriza won the Sunday election.

The benchmark equity gauge has rallied 12 percent since a low on Jan. 6 in anticipation of additional central-bank stimulus measures. The gauge jumped 5.1 percent last week, its biggest gain in three years, as the ECB unveiled an asset-purchase program worth at least 1.1 trillion euros ($1.2 trillion). The MSCI Asia Pacific Index added 1 percent today.

Futures on the Standard & Poor’s 500 Index dropped 0.2 percent. Officials in New York warned residents to stay at home as a blizzard forecasters call “life-threatening” prompted authorities to shut highways, bridges, transit systems, schools, Broadway shows and sporting events from New Jersey through New England.

Exchanges plan to remain open in the U.S., with the New York Stock Exchange’s owner Intercontinental Exchange Inc. saying it’ll be business as usual.

Siemens retreated 2.8 percent. Europe’s largest engineering company reported a decline in first-quarter profit.

Royal Philips NV lost 4.6 percent after saying it is behind on its 2016 financial targets after shipment delays, currency impact and some weak markets.

EasyJet Plc rallied 4.3 percent after posting an increase in first-quarter revenue.

Source: Bloomberg

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