European stocks close:

European stocks dropped for a second day as German Finance Minister Wolfgang Schaeuble damped optimism that Greece will get more time to cut its debt and as bond yields climbed in Spain.

Banco Bilbao Vizcaya Argentaria SA (BBVA) slid 1.8 percent as lenders retreated across Europe. Royal Ahold NV lost 3.6 percent after the retailer reported earnings that missed some analysts’ estimates. Petropavlovsk Plc (POG) tumbled 16 percent to 394 pence, its biggest slide since 2008, after reporting a 90 percent drop in first- half net income to $11 million as interest payments and depreciation costs dragged down earnings.

The Stoxx Europe 600 Index (SXXP) retreated 0.6 percent to 267.69 at the close.

Stocks fell as Germany’s Schaeuble said that allowing Greece more time to meet its debt obligations would not solve the country’s problems and would increase costs for creditors.

National benchmark indexes declined in 15 out of 18 western-European markets.

FTSE 100 +2.40 +0.04% CAC 40 3,432.56 -29.09 -0.84% DAX 6,949.57 -68.18 -0.97%

BBVA retreated 1.8 percent to 5.71 euros. Bankia SA (BKIA) tumbled 2.1 percent to 1.33 euros.

Ahold fell 3.6 percent to 10.07 euros after the Dutch owner of Stop & Shop grocery stores reported second-quarter earnings before interest and taxes of 326 million euros ($410 million), 4.7 percent below Oddo & Cie’s estimate of 342 million euros.

European Aeronautic, Defence & Space Co., the parent company of Airbus SAS, lost 2.4 percent to 29.92 euros after Qantas Airways Ltd. (QAN) canceled an order for rival Boeing Co.

Anglo American Plc (AAL) climbed 1.7 percent to 1,941.5 pence after the company reached an agreement with Codelco.

Antofagasta Plc (ANTO) climbed with copper, rising 2.9 percent to 1,152 pence.

Xstrata Plc (XTA) increased 1.1 percent to 926.6 pence and Vedanta Resources Plc (VED) gained 1 percent to 940.5 pence.

Heineken NV (HEIA) advanced 1.8 percent to 44.79 euros after Bank of America Corp. upgraded the Dutch brewer to buy from neutral.