Declines in commodity shares and lenders put an end to a rally in European stocks.
The
Stoxx Europe 600 Index fell 0.6 percent at the close of trading in
London. Seadrill Ltd. led the slide, tumbling 8.9 percent as oil fell
after the world’s biggest crude exporter said it’s keeping up
investments in energy projects. A gauge of miners also dropped, while
lenders slid the most among industry groups.
The
rout in commodity prices is once again weighing on risk assets amid
concern that China’s slowdown will hurt global growth. After reaching
the cheapest valuation in about two years on Wednesday, the Stoxx 600
enjoyed its biggest two-day surge since 2011 on speculation of more
stimulus. European Central Bank President Mario Draghi signaled measures
could come as soon as March.
Among
shares active on corporate news, Kingfisher Plc sank 6.1 percent after
Europe’s largest home-improvement retailer said that short-term earnings
will suffer from a five-year plan to boost profit.
Source: Bloomberg
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