European
stocks fell for a second day, with the benchmark index posting its
biggest weekly drop in almost a month, as investors speculated that
equity gains have overshot the earnings outlook.
ARM
Holdings Plc lost 4.5 percent as information-technology shares caught
up with a slump in their U.S. peers yesterday. Thales SA declined the
most since July 2012 after JPMorgan Chase & Co. lowered its
recommendation. Mediaset Espana Comunicacion SA tumbled to the lowest
price since November after its second-biggest shareholder sold a part of
its stake. Salzgitter AG rose 1.2 percent after Citigroup Inc. advised
investors to buy the stock.
The
Stoxx Europe 600 Index fell 1.4 percent to 328.77 at the close London.
The benchmark gauge posted a weekly retreat of 3.1 percent, its biggest
since March 14, amid a selloff in shares with higher-than-average
valuations. The Stoxx 600 has more than doubled from a low in March
2009, with its price-to-earnings multiple rising to 14.4 times estimated
earnings compared with a five-year average of 12.3 times.
Source : Bloomberg
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