European stocks fell, following a weekly gain, as China’s finance minister damped speculation his government will boost economic stimulus. U.S. index futures and Asian shares also declined.
Commodities producers fell the most among 19 industry groups. Tesco Plc slumped to its lowest price since 2003 as it started an investigation into its accounting practices after a profit overstatement. Cermaq ASA jumped 16 percent after Mitsubishi Corp. offered to buy it.
The Stoxx Europe 600 Index fell 0.5 percent to 346.8 at 8:14 a.m. in London. The equity benchmark gauge advanced 1.2 percent last week, with the FTSE 100 Index gaining 0.5 percent, as Scotland voted to remain in the U.K. and the Federal Reserve indicated U.S. interest rates won’t increase any time soon. Standard & Poor’s 500 Index contracts slid 0.6 percent today, while the MSCI Asia Pacific Index retreated 0.7 percent.
The Stoxx 600 rallied as much as 0.9 percent on Sept. 19 and closed 0.3 percent away from a six-year high reached in June. It’s on pace for a fifth consecutive quarterly increase, the longest streak since 2006, as the European Central Bank increased stimulus measures.
China’s Finance Minister Lou Jiwei reiterated that his government won’t make any major policy adjustments in response to changes in individual economic indicators, even as he said growth faces downward pressure. His comments quelled speculation that weaker economic data will spur further stimulus in the world’s second-biggest economy.
Basic-resources companies in the Stoxx 600 fell 2.2 percent as a group to their lowest level since July. Anglo American Plc lost 3.6 percent to 1,419.5 pence, and Glencore Plc dropped 3.1 percent to 348.2 pence.
Tesco sank 9.9 percent to 206.8 pence. The U.K.’s biggest grocer said it overstated its guidance for first-half earnings by about 250 million pounds ($408 million). The company had said operating profit for the period would be 1.1 billion pounds.
Siemens AG dropped 0.6 percent to 95.87 euros after agreeing to buy Dresser-Rand Group Inc. for $7.6 billion. Europe’s largest engineering company said it will pay $83 a share in cash for Dresser-Rand, which makes compressors and turbines for the oil-and-gas industry. Siemens has been interested in the company for at least three years.
Cermaq surged 16 percent to 97.75 kroner after Mitsubishi offered to buy the Norwegian fishing company for 8.88 billion kroner ($1.4 billion). The offer price is 14 percent higher than Cermaq’s closing price on Sept. 19, according to a statement.