A rally in commodity producers failed to lift sentiment in European stocks, which closed lower for a third day.
The
region’s shares extended their lowest levels since Oct. 21, with
retailers Ocado Group Plc and Sports Direct International Plc plunging
after reporting financial results that missed projections. Glencore Plc,
on the other hand, jumped 7 percent as the Swiss commodities trader
pledged to cut debt further, scale back operations and sell more assets.
The
Stoxx Europe 600 Index slipped 0.3 percent at the close of trading in
London, after earlier falling as much as 0.9 percent. It’s heading for a
second week of losses for the first time in two months. Commodity
producers climbed for a second day after hitting their lowest levels
since 2009.
European
equities lost 5.8 percent from their three-month high in November as
commodity producers kept on sliding and the European Central Bank’s
added stimulus fell short of expectations. The Stoxx 600 closed 12
percent below its April record.
The
benchmark index had rebounded as much as 14 percent from a low in
September through Nov. 30 in anticipation of the extended ECB measures
and on optimism that the U.S. economy is strong enough to withstand an
increase in interest rates by the Federal Reserve. The U.S. central bank
will give its decision on Dec. 16, and traders are pricing in a 80
percent chance of a liftoff.
Source: Bloomberg
0 komentar :
Post a Comment