European stocks fell for the first time in four days, led by declines in commodity and energy producers.
Anglo American Plc and
ArcelorMittal slid 4.6 percent or more, dragging miners to the worst
performance among industry groups in the Stoxx Europe 600 Index. Energy
stocks halted a three-day advance, with Amec Foster Wheeler Plc slumping
23 percent after saying it will halve dividends amid falling oil
prices. Societe Generale SA and Adidas AG gained at least 4 percent.
The Stoxx 600 lost 0.4
percent at the close of trading, tracking a drop in U.S. shares.
Europe’s equity gauge pared gains yesterday after the Federal Reserve
signaled a December rate increase was possible.
The Stoxx 600 climbed
12 percent from a Sept. 29 low through yesterday, recouping about
two-thirds of the losses from a summer rout. Its relative strength index
is nearing 70, a level that technical analysts call overbought, meaning
gains have gone too far.
The gauge earlier
today erased a drop to rise as much as 0.4 percent as European Union
Economic and Monetary Commissioner Pierre Moscovici said the euro should
continue to support an economic upswing in the region, and projected a
“soft landing” for China.
In the U.K., the FTSE
100 Index fell 0.8 percent. It had erased a drop after the Bank of
England indicated it remains cautious about raising rates and trimmed
its growth and inflation forecasts for 2015 and 2016.
Among other stocks
active on corporate news, Vestas Wind Systems A/S climbed 5.2 percent
after saying it will buy back as much as 150 million euros ($163
million) of its shares.
Credit Agricole SA
dropped 8.3 percent after its net income fell at its corporate and
investment bank. Adecco SA slid 11 percent after the world’s largest
provider of temporary staffing trimmed profit margins.
Source : Bloomberg
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