European stocks dropped, capping a weekly decline, with chemical shares slumping after a glum forecast from Croda International Plc.
The Stoxx 600 Index fell 0.2% at the close, taking this week's drop to 0.5%. Chemicals were the worst performers, with Croda International Plc plunging 12% for its worst day since 2000 after saying it expects customer destocking in consumer and industrial end-markets to persist into the second half of the year. Utilities and real estate shares gained.
Among other big moves, Banca Monte dei Paschi di Siena dropped 11% after BPER Banca's chief executive officer said it was not interested in any potential tie-up.
The Stoxx 600 has been muted since last month's drop, with investors awaiting meetings of the Federal Reserve and the European Central Bank next week for clues on the path of monetary policy. While the S&P 500 has rallied this week to confirm a technical bull market, European stocks have been range-bound as figures showed the euro area suffered a mild recession during the winter.
Source : Bloomberg
