European
equities closed lower, dropping from a three-month high, after U.S.
factory data raised concern that the world’s largest economy may not be
strong enough to withstand higher borrowing costs.
The
Stoxx Europe 600 Index reversed an earlier gain to end the day down 0.3
percent. Manufacturing in the U.S. unexpectedly contracted in November
at the fastest pace since the last recession. The move came after the
Stoxx 600 climbed for a second month in November, taking its rebound
from a low in September to 14 percent through Monday.
Gases
supplier Linde AG slumped 14 percent, the most since 1999, after
cutting its earnings targets for the third time in just over a year.
Safran SA dropped 2.5 percent after France lowered its stake in the jet
engine maker.
U.K.
shares managed to maintain gains after the U.S. data, boosted by
advances in its lenders as the Bank of England said all seven major
firms passed stress tests. Barclays Plc and Lloyds Banking Group Plc
climbed more than 2.4 percent. That pushed the FTSE 100 Index to post
one of the biggest gains in western-European markets, with the volume of
shares changing hands about 22 percent greater than the 30-day average.
Source: Bloomberg
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