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London - European stocks fell, snapping a three-day rally, as energy producers dropped for the first time in four days and some shares fell after earnings reports.
Energy companies posted the worst performance among industry groups, with Amec Foster Wheeler slumping 20% after saying it will halve dividends amid falling oil prices.
Credit Agricole SA dropped 4.3% after its net income fell at its corporate and investment bank. Adecco SA slid 8.8% after the world’s largest provider of temporary staffing trimmed its profit margins.
The Stoxx Europe 600 Index lost 0.4% at 10:24. The equity gauge rose for the past three days amid a rebound in energy producers and after President Mario Draghi reiterated the European Central Bank will reassess its policy stance next month. It pared gains yesterday after the Federal Reserve signaled a December rate increase was possible.
The FTSE 100 Index lost 0.6%, before the Bank of England announces its latest rate decision. Governor Mark Carney will also hold his final Inflation Report press conference of the year.
Economists and investors are at odds about when borrowing costs will rise, with February seen as the earliest opportunity.
German factory orders unexpectedly fell for a third month in September, a report showed today, highlighting increased risks for Europe’s biggest economy.
Among stocks active on corporate news, Societe Generale SA and AstraZeneca added at least 2.4% after their earnings beat estimates. Adidas climbed 4% after raising its full-year sales and profit outlook.
