“European stocks declined for a second day, after the Stoxx Europe 600 Index yesterday dropped the most in 10 months, as investors awaited data on U.S. durable-goods orders. U.S. index futures and Asian shares also fell.
Raiffeisen Bank International AG (RBI) lost 1.8 percent after its chief executive officer offered to quit. Novo Nordisk A/S climbed after saying its liraglutide treatment helped overweight patients without diabetes to lose weight. Elan Corp. extended its longest rally since July 2011 after the Irish drugmaker’s board of directors unanimously rejected a higher takeover offer from Royalty Pharma.
The Stoxx 600 slid 0.3 percent to 303 at 10:40 a.m. in London. The gauge is heading for its first weekly loss in five weeks as the Federal Reserve signaled it will scale back its stimulus if the U.S. economy improves. Futures on the Standard & Poor’s 500 Index slipped 0.3 percent today, as did the MSCI AsiaPacific Index.
“This dip we saw yesterday took a lot of people by surprise, and everyone is now talking about the market coming off,” Manoj Ladwa, head of trading at TJ Markets, told Mark Barton on Bloomberg Television. “I’d be careful about buying stocks at these levels. There is a lot of money being taken off the table.”
In the U.S., orders for durable goods probably climbed 1.5 percent in April after falling by the most in seven months in March, economists estimated before a Commerce Department report at 8:30 a.m. in Washington…..”
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