European stocks declined, led by shares in Greece, Spain and Portugal, as concern increased that the region’s debt crisis may derail the economic recovery.
The benchmark Stoxx Europe 600 Index slid 0.7 percent to 252.71 at 9:03 a.m. in London. The gauge has fallen 7.1 percent from this year’s high on April 15. The MSCI Asia Pacific Index was little changed and futures on the Standard & Poor’s 500 Index dropped 0.5 percent.
U.S. stocks fell yesterday as the Federal Reserve signaled that European indebtedness may harm American growth. In a statement hours after a government report showed new-home sales in May plunged 33 percent, the Fed said “underlying inflation has trended lower” and repeated a pledge to keep the benchmark interest rate near zero for “for an extended period.”
Greece’s ASE Index led declines among 18 European benchmark indexes, sliding 1.3 percent. Spain’s IBEX 35 fell 1.1 percent and Portugal’s PSI-20 dropped 0.9 percent
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