European
stocks fell for a second day as oil-and-gas shares dropped and concern
grew the Federal Reserve is nearing an interest-rate increase.
The
Stoxx Europe 600 Index lost 0.9 percent to 389.66 at the close of
trading. It earlier rose as much as 0.2 percent. All 19 industry groups
fell, with energy shares dropping the most. Royal Dutch Shell Plc, BG
Group Plc and BP Plc dropped more than 3 percent as crude fell for a
fifth day amid signs a global supply glut will persist.
The
Stoxx 600 climbed on Friday to a seven-year high as the European
Central Bank set a start date for its government-bond buying program. It
has jumped 14 percent this year.
In
the U.S., the Standard & Poor’s 500 Index wiped out its gains for
the year, while the dollar strengthened to near a 12-year high versus
the euro, amid speculation about a rate increase. In his last speech as
Fed Bank of Dallas President, Richard Fisher said the central bank
should start gradually raising rates. The Fed next meets on March 17-18.
Source: Bloomberg
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