Bloomberg News

European Stocks Decline Before U.S. Jobs Report; Nokia Slides

June 03, 2011

June 3 (Bloomberg) -- European stocks dropped, with the benchmark Stoxx Europe 600 Index headed for a fifth week of declines, as investors awaited a U.S. jobs report that may show the recovery in the world’s largest economy is faltering. Asian shares and U.S. futures fell.

Nokia Oyj led technology shares lower, falling 4.8 percent. Alpha Bank SA and National Bank of Greece SA advanced more than 2 percent as investors speculated that the European Union will bail out the Mediterranean country for a second time. Fiat SpA rose 3.6 percent as the carmaker buys the rest of the U.S. government’s stake in Chrysler Group LLC.

The Stoxx 600 lost 0.3 percent to 273.85 at 10:33 a.m. in London. European stocks fell to a six-week low yesterday as Moody’s Investors Service raised Greece’s default risk to 50 percent and a report showed U.S. factory orders dropped more than forecast in April. Standard & Poor’s 500 Index futures expiring in June slipped 0.3 percent today, while the MSCI Asia Pacific Index lost 0.5 percent.

To contact the editor responsible for this story: Will Hadfield at whadfield@bloomberg.net


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