Europe Shares Post Biggest Five-Day Drop This Year on China Rout
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European stocks posted their biggest five-day drop this year amid investor concern over China’s economy as shares tumbled in Shanghai and data disappointed.
Daimler AG and BMW AG, which are both sensitive to growth in the world’s second largest economy, fell at least 2.6 percent, as auto-related companies slid to the joint-worst performance on the Stoxx Europe 600 Index. UBS Group AG lost 2.3 percent after results showed its wealth management unit grew by the smallest amount in more than four years in the second quarter. A measure of banks contributed the most to the Stoxx 600’s drop, as all industry groups retreated.