A
slump in German shares pushed European stocks lower for the first time
in four days amid a selloff in euro-area government bonds.
The
Stoxx Europe 600 Index dropped 1.3 percent to 396.09 at the close of
trading, having earlier lost as much as 2.1 percent. All 19 industry
groups declined. Yields surged on 10-year notes in Germany, Italy and
Spain, while the euro strengthened.
The
Stoxx 600 has retreated 4.3 percent after a 21 percent surge this year
through a record in April amid quantitative-easing measures by the
European Central Bank.
High
expectations for the ECB’s bond-buying program pushed global bond
valuations to extreme levels, triggering a “large and vicious” selloff
in European debt, Goldman Sachs Group Inc. wrote in a note.
All
but two of 18 western-European markets fell. Germany’s DAX Index led
declines, tumbling 1.7 percent. The U.K.’s FTSE 100 Index, France’s CAC
40 Index and Spain’s IBEX 35 Index slipped more than 1 percent.
Source: Bloomberg
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