European stocks close

European stocks declined for a fourth day, with the benchmark Stoxx Europe 600 Index falling to its lowest level this year, as commodity producers and automakers slid.

U.K. unemployment rose at its fastest pace in more than a year and wage increases slowed. Unemployment as measured by International Labour Organisation methods rose by 70,000 to 2.56 million in the three months through February, the most since November 2011, the Office for National Statistics said today in London. The median forecast of 27 economists in a survey was for the rate to stay unchanged.

A separate release showed that Bank of England Governor Mervyn King was defeated for a third month in a push for more stimulus. Six of the Monetary Policy Committee voted to keep the target for quantitative easing at 375 billion pounds ($575 billion) this month, the central bank said in the minutes of the April 3-4 meeting, published in London today. King, David Miles and Paul Fisher wanted to increase it by 25 billion pounds.

National benchmark indexes declined in 16 of the 18 western European markets. The U.K.’s FTSE 100 Index slipped 1 percent, Germany’s DAX Index slid 2.3 percent and France’s CAC 40 lost 2.4 percent.

BHP Billiton dropped 3.4 percent to 1,779 pence. Output of iron ore, its biggest earner, was 40.2 million metric tons in the three months to March 31, missing the median estimate of 42.3 million tons in a survey.

A gauge of European mining companies slid to its lowest level since July 2009, with Rio Tinto Group and Anglo American Plc retreating 3.6 percent to 2,854.5 pence, and 2.1 percent to 1,553 pence, respectively.

Preferred shares of Volkswagen lost 2.9 percent to 141.45 euros. BMW decreased 2.8 percent to 65 euros. European car sales are heading toward a 20-year low as registrations in March fell 10 percent, led by Germany’s auto market, which plummeted 17 percent, the Brussels-based European Automobile Manufacturers’ Association, or ACEA, said today.

Tesco declined 3.9 percent to 369.8 pence after the U.K.’s largest retailer said it will exit the U.S. and took a 1.2 billion-pound charge to end the Fresh & Easy business. So-called trading profit fell 13 percent to 3.45 billion pounds in the 52 weeks ended Feb. 23, the company said.

BASF SE slid 3.8 percent to 65.55 euros, its lowest price in almost five months, after Nomura Holdings Inc. cut its recommendation on the world’s biggest chemicals maker to neutral, the equivalent of hold, from buy, citing above-average downside risks to consensus forecasts.