European stocks fell, after this years biggest weekly rally, as investors weighed disappointing earnings from PostNL NV and Holcim Ltd.
The Stoxx Europe 600 Index slid 0.8 percent to 334.25 at the close of trading as Italian utilities declined. The Stoxx 600 gained 2.9 percent last week as the Bank of Japan unexpectedly boosted its stimulus. The benchmark measure has advanced 7.8 percent from this years low on Oct. 16 and trades at 15.5 times the projected earnings of its members, near the highest valuation since 2009.
Holcim dropped 2.6 percent after the cement maker posted third-quarter net income and revenue that missed analysts projections as fluctuations in emerging-market currencies hurt results.
PostNL tumbled 13 percent to an almost 14-month low after reporting third-quarter net income of 12 million euros ($15 million), less than half the 26 million-euro estimate of analysts surveyed by Bloomberg.
Source : Bloomberg