European stocks declined as data showed euro-area output expanded at a slower pace in April, and Ericsson AB led technology shares lower.

The Stoxx Europe 600 Index lost 0.4 percent to 407.18 at the close of trading, having earlier tumbled as much as 1 percent and gained 0.4 percent. A report showed euro-area manufacturing and services missed forecasts, signaling it may take longer for European Central Bank President Mario Draghi’s quantitative-easing plan to revive the economy.

Germany’s DAX Index slid 1.2 percent, among the worst in western-European markets, and France’s CAC 40 Index dropped 0.6 percent as similar data from those countries also disappointed.

Europe’s equity benchmark gauge has surged 19 percent in 2015, and last reached a record on April 15. It rallied the first two days of this week as results from SAP SE and Actelion Ltd. topped analysts’ projections and China’s central bank boosted stimulus measures.

A gauge of technology stocks fell the most among 19 industry groups, with Ericsson sliding 10 percent after reporting worse-than-forecast profitability. The index had closed at its highest level since 2002 on Wednesday.

Source : Bloomberg