European stocks retreated on Wednesday, as investors digested a slew of disappointing earnings reports from companies including mining and commodities trading giant Glencore and Danish brewer Carlsberg. In London, Glencore slumped after posting a 56% drop in first-half profit amid falling oil prices. There was also reason for investors to cry into their beer after Carlsberg downgraded its full-year outlook on the back of a tough second quarter as beer volumes in Russia and Ukraine fell. Among risers, Danish drug maker Lundback was up after announcing a major restructuring designed to save about $445 million a year starting in 2017. Adding to the overall grim mood, Norway’s sovereign wealth fund posted its first loss in three years
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