Declines
in energy shares dragged lower European equities that have managed to
stay afloat most of the day despite plunges in Spanish equities.
The
Stoxx Europe 600 Index dropped 0.3 percent at 4 p.m. in London, erasing
an advance of as much as 0.8 percent. Spain’s IBEX 35 Index dropped 2.7
percent, set for its biggest plunge in three months, after the nation’s
prime minister lost his majority in an inconclusive weekend election.
The
Stoxx 600 is sliding after posting its best week in a month, thanks to a
jump in exporters and financial companies following the first Federal
Reserve interest-rate increase in almost a decade. The gauge traded at
15.7 times estimated earnings on Friday, less than at its April peak and
lower than the valuation for the Standard & Poor’s 500 Index.
While
the Stoxx 600 advanced 5.5 percent this year through Friday, it gave up
most of its initial rally amid global-growth concerns. It closed 13
percent below the record reached in April.
Source: Bloomberg
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