European stocks slumped to their lowest in almost two months this week, paced by commodity producers as metal and oil prices fell.
Boliden AB, Europe’s third-biggest copper refiner, and Anglo American Plc, the world’s second-largest mining company, led commodity stocks lower. Porsche AG dropped as the weak dollar hurt the value of U. S. sales translated into euros.
Porsche AG, maker of the 911 sports car, lost 15 percent. The carmaker’s main auto operations fell short of analysts’ estimates. Operating profit fell to about 1 billion euros in the 12 months through July from about 1.2 billion euros a year earlier, excluding gains from its stake in Volkswagen AG, Porsche said Nov. 12.
Earnings were partly curbed by the weaker dollar. UBS AG said Nov. 13 a decline in the U. S. currency hurt the company’s full-year income more than expected.
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