European stocks slid, posting their longest losing streak in five months, as European Central Bank President Mario Draghi said that financial-market developments and low domestic demand may hurt the euro area’s economy.
U.S. stocks erased gains as investors sold equities in the final 30 minutes of trading before changes to MSCI Inc. indexes, trimming an earlier rally after improved housing data. Treasuries advanced while Europe’s benchmark gauge fell for the first time in three days.
Remy Cointreau SA fell the most in almost five years after the maker of Remy Martin cognac said it expects a “substantial double-digit” drop in annual earnings amid a Chinese crackdown on lavish spending at official events.
McLaren Automotive Ltd., maker of the million-dollar P1 supercar, said it has yet to see signs of a recovery in demand in China since the ruling Communist Party began cracking down on conspicuous extravagance late last year.
France cut its outlook for wine production for a fourth time after botrytis rot due to wet weather caused grape losses in Bordeaux and Burgundy, adding to damage from poor flowering and summer hailstorms.