July 4 (Bloomberg) — European stocks dropped, capping their fifth weekly decline, on concern banks will post more writedowns and near-record oil will curb airlines’ profits. Canada’s benchmark index and most shares in Brazil and Asia also fell. The fifth straight weekly drop is the longest losing streak since a seven- week slump ending Jan. 25. “Markets around the world have had a rough ride and news flow remains challenging,” said Andreas Nigg, head of international equities Vontobel Asset Management in Zurich, which oversees $39 billion. “The banks are not in good shape, and it will get harder to raise capital. Oil is still going up. It’s like a tax that keeps getting worse.” More
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