European stocks fell on the last full trading day of the year as a slide in oil prices weighed on investor sentiment.
The
Stoxx Europe 600 Index lost 0.5 percent at the close of trading, after
yesterday’s 1.4 percent gain. The volume of shares changing hands was 40
percent lower than the 30-day average. Markets will shut on Friday for
New Year. Some including Germany, Switzerland and Italy, will also close
tomorrow for New Year’s Eve, while others will have shorter trading
hours.
European
equities are heading for their worst December since 2002, down 4.6
percent. While they recouped some losses in the past two weeks, that
hasn’t been enough to overcome a slide earlier this month amid
disappointing European Central Bank stimulus measures and as a rout in
commodity and crude prices intensified. Still, the Stoxx 600 is heading
for its fourth straight annual advance.
All
19 Stoxx 600 groups fell, with energy producers the worst performers.
Seadrill Ltd. and Tullow Oil Plc fell at least 5.5 percent, leading
losses among energy companies.
Among
stocks active on corporate news, Julius Baer Group Ltd. climbed 4
percent after the Swiss wealth manager said it expects to pay about $547
million to settle a U.S. tax investigation.
Source: Bloomberg
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