European stocks retreated as shares of carmakers declined and Greek 10-year bond yields rose to a record. Automakers performed the worst of 19 industries in the benchmark Stoxx Europe 600 Index. Mitchells & Butlers Plc, the owner of Harvester and Toby Carvery pubs and restaurants, sank 5.5 percent after posting reduced fiscal first-half profit. BP Plc advanced 2.5 percent after the oil company reached a settlement with a unit of Mitsui & Co., one of its partners on the Macondo well.
The Stoxx 600 fell 0.2 percent to 279.36 at 4:10 p.m. in London, heading for a weekly decline of 0.4 percent. The gauge advanced 0.7 percent yesterday as companies from Glencore International Plc to LinkedIn Corp. held initial public offerings. The measure has fallen 4 percent since this year’s high on Feb. 17. --- read more