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European stocks declined for a third day as investors speculated that economic fundamentals don’t justify current stock valuations and Alcoa Inc. (AA) cut its forecast for global aluminum demand.

Anheuser-Busch InBev NV slipped 1.2 percent after a report that the U.S. may block its $20 billion takeover of Grupo Modelo SAB. BAE Systems Plc (BA/) fell after abandoning plans to merge with European Aeronautic, Defence & Space Co. Imagination Technologies Group Plc (IMG) lost 9.4 percent as analysts recommended selling the shares.

The Stoxx Europe 600 Index (SXXP) dropped 0.6 percent to 268.71 at the close of trading, the lowest level since Sept. 28.

Alcoa, the largest American aluminum producer, kicked off the U.S. earnings season by cutting its forecast for global consumption of the metal by 1 percentage point on slowing Chinese demand. The company reported third-quarter profit and sales that exceeded estimates.

The International Monetary Fund yesterday cut its global growth forecasts and warned of even slower expansion if European officials don’t address threats to their economies.

National benchmark indexes fell in all 18 western European markets.

FTSE 100 5,787.21 -23.04 -0.40% CAC 40 3,369.79 -12.99 -0.38% DAX 7,212.46 -22.07 -0.31%

AB InBev (ABI) dropped 1.2 percent to 67.31 euros after The Capitol Forum reported that the U.S. Department of Justice may want to block the company’s purchase of Mexico’s Modelo, which brews Corona beer. The department may not approve the deal in its current form, the news service that tracks antitrust events said.

BAE fell 1.4 percent to 320.9 pence after the arms company and EADS confirmed they are no longer pursuing a merger. It had become clear that the interests of the “government stakeholders” could not be adequately reconciled, the two companies said. EADS jumped 5.3 percent to 27.48 euros.

Imagination Technologies tumbled 9.4 percent to 455.5 pence for the biggest decline in the Stoxx 600. Credit Suisse Group AG started coverage of the U.K. chip designer with an underperform rating, similar to a sell recommendation.

Elsewhere, Publicis Groupe SA (PUB), the world’s third-largest advertising company, declined 2.6 percent to 43.16 euros after Exane BNP Paribas said third-quarter revenue growth may miss forecasts as the advertisement market worsened since July.

Capita Plc (CPI) fell 1.8 percent to 727 pence. RBC Capital Markets downgraded the supplier of services for the British army to sector perform, a recommendation similar to hold, from outperform, a rating equivalent to buy.

Bankia SA (BKIA) paced advancing shares, climbing 4 percent to 1.02 euros, the first advance in 13 days. Bankia said it sold 126 million euros of written-off car loans to Norway’s Aktiv Kapital. Since July, the bank has sold 926 million euros of soured loans.

Man Group Plc (EMG) rose 3.8 percent to 93.4 pence, the highest price in five months, after the Daily Mail reported BlackRock Inc. may buy the company. The firm may head a group of bidders in a 140 pence-a-share offer, the Daily Mail reported, without saying where it got the information.

Royal Bank of Scotland Group Plc advanced 2.1 percent to 262.7 pence after agreeing to sell two buildings in Frankfurt and Berlin to Axa Investment Managers SA in the biggest German commercial real estate transaction this year, according to two people with knowledge of the matter.

Lloyds Banking Group Plc (LLOY), the U.K.’s second-biggest government-aided bank, gained 4 percent to 38.48 pence.

U.S. stock futures were little changed as investors weighed earnings reports amid concern about global economic growth.
Shares of Alcoa Inc., the largest U.S. aluminum producer, fell  after cutting its outlook for global demand of the metal. Shares of  Chevron (CVX) Corp. slid  after saying third-quarter earnings were “substantially” lower than the previous period.

Global Stocks:

Nikkei  8,596.23 -173.36 -1.98%
Hang Seng 20,919.6 -17.68 -0.08%
Shanghai Composite 2,119.94 +4.71 +0.22%
FTSE  5,792.44 -17.81 -0.31%
CAC  3,376.02 -6.76 -0.20%
DAX 7,222.5 -12.03 -0.17%
Crude oil $91.94 -0,49%
Gold $1764.20 -0,05%

JPMorgan Chase resumed with a Buy at BofA/Merrill
Home Depot downgraded to Perform at Oppenheimer

European stocks declined for a third day as investors speculated that economic fundamentals don’t justify current stock valuations near their highest since 2010.

Also some disappointment was the fact that the Ministry of Finance at a meeting of Europe rescue program was not discussed in Spain due to the fact that the country sees its position in the financial markets as a rather favorable. According to the IMF report, Spain has become the country with the greatest economy in the euro zone program in 2012-2013, and at the same time one of the states, which marked the largest increase in total debt of weaker growth.

Anheuser-Busch InBev NV tumbled the most in a month after a report that the U.S. may block its $20 billion takeover of Mexico’s Grupo Modelo SAB.

Man Group Plc rallied 4 percent after U.K. newspapers speculated the world’s biggest publicly traded hedge-fund firm may be a takeover target.

FTSE 100 5,779.53 -30.72 -0.53%

CAC 40 3,368.49 -14.29 -0.42%

DAX 7,205.67 -28.86 -0.40%

Asian stocks fell, with the regional benchmark index heading for a one-month low, on concern China’s economic slowdown and its territorial dispute with Japan are weighing on corporate earnings.

Nikkei 225 8,596.23 -173.36 -1.98%

S&P/ASX 200 4,490.7 -14.65 -0.33%

Shanghai Composite 2,117.46 +2.23 +0.11%

Toyota Motor Corp. slipped 2.3 percent, pacing declines among Japanese carmakers that reported a slump in China sales.

Steel & Tube Holdings Ltd. tumbled 8.3 percent in Wellington after iron-ore producer Arrium Ltd. sold its entire 50.3 percent stake in its New Zealand unit at a discount.

Change % Change Last

Nikkei 225 8,769.59 -93.71 -1.06%

S&P/ASX 200 4,505.3 +23.44 +0.52%

Shanghai Composite 2,112.73 +38.31 +1.85%

FTSE 100 5,803.2 -38.54 -0.66%

CAC 40 3,382.25 -24.28 -0.71%

DAX 7,231.16 -60.05 -0.82%

Dow 13,473.91 -109.74 -0.81%

Nasdaq 3,065.02 -47.33 -1.52%