European Stocks Decline as Germany’s DAX Index Enters Correction

European stocks completed their longest losing streak of the year, with Germany’s benchmark index retreating 11 percent from its April peak.

The Stoxx Europe 600 Index lost 0.9 percent to 385.39 at the close of trading in London, ending at its lowest level since February. Germany’s DAX Index dropped 1.2 percent, even as Deutsche Bank AG rose 3.6 percent after saying John Cryan will replace co-Chief Executive Officer Anshu Jain. Cryan will become sole CEO when Juergen Fitschen steps down next May.

BMW AG and Continental AG led the DAX decline. Automakers fell the most among Stoxx 600 industry groups as the euro climbed for the first time in three days.

Portugal’s PSI 20 Index and Greece’s ASE Index fell 2.7 percent, the most among western-European markets. German Chancellor Angela Merkel demanded urgent action from the Greek government to cement its position as a member of the single currency.

The Stoxx 600 slipped 6.9 percent from its April record amid an increased focus on Greece. It had its first back-to-back weekly declines since the start of the year.

Source: Bloomberg