European stocks retreated from a 15-month high on Monday, driven by losses for energy and banking sectors, along with negative corporate news. SSAB AB tanked after a profit warning and H&M Hennes & Mauritz AB fell on weak sales numbers. The Stoxx Europe 600 index SXXP lost 0.2% to 275.31. The index closed up 1.3% on Friday to 275.95, its highest level since early June 2011, after the U.S. Federal Reserve pushed the button for a third round of quantitative easing, triggering a rally in risk assets. On Monday, Fashion retailer Hennes & Mauritz HMB HNNMY was among biggest decliners, giving up 2.2% as it reported lower-than-expected sales figures for August and third fiscal quarter, hit by a stronger Swedish krona. See: H&M drops after sales fall short of expectations Also in Sweden, SSAB SSABB tumbled 8.5%, as it warned that weak demand will hit third-quarter earnings. The steelmaker now expects an operating loss for the third quarter of about 700 million kronor ($106.7 million). See: SSAB warns weak demand will hit earnings The announcement weighed on other players in the sector, with ThyssenKrupp AG TKA down 3.1% and Salzgitter AG SZG off 2%. In France, steel company ArcelorMittal MT slid 3%, weighing on the CAC 40 index PX1, which dropped 0.6% to 3,561.67. Oil group Total SA FP TOT slipped 0.6% as oil prices were on the decline. Vivendi SA VIV gave up 2.3% after UBS cut the stock to sell from neutral. Elsewhere, Spanish and Portuguese stocks were among worst performers in Europe, on the back of anti-austerity rallies over the weekend. See: Tens of thousands protest spending cuts in Spain Spain's IBEX 35 index IBEX dropped 0.8% to 8,091.40, with Banco Santander SA SAN SAN falling 1.6% and BBVA SA BBVA BBVA down 1.6%. The yield on Spain's 10-year government bond 10YR_ESP rose 7 basis points to 5.85%, according to electronic trading platform Tradeweb. Portugal's PSI 10 index PSI20 slumped 1.1% to 5,373.96. Among U.K. stocks, Vodafone Group PLC VOD VOD weighed the most on London's benchmark index. It lost 1.3% as Bloomberg News said the wireless telecom firm may need to make a provision to cover a $2.2 billion tax bill in India and that the decision will be made by November. A spokesperson from Vodafone confirmed the report. BT Group PLC BT.A fell 1.5% as Exane BNP Paribas cut the stock to neutral from outperform. The FTSE 100 index UKX fell 0.3% to 5,898.52, further weighed by Royal Dutch Shell PLC RDSB RDS.B off 0.4%. Unilever PLC ULVRULUL, however, supported the index, gaining 0.9% after UBS lifted the stock to buy from neutral. In Germany, Deutsche Bank AG DBK DB gave up 1.1% on the back of a downgrade to underperform from neutral by Credit Suisse. Daimler AG DAI picked up 0.3%, as truck chief Andreas Renschler in an interview dismissed fears about shrinking truck demand in Europe. See: Daimler to take on Volkswagen's truck challenge The DAX 30 index DAX tripped 0.3% to 7,387.52. Marketwatch
