European stocks fell, snapping a two-day rebound, amid renewed concern about global-growth prospects.
The Stoxx Europe 600
Index declined 1.5 percent at the close of trading. It pared a drop of
as much as 3.3 percent as energy producers reversed losses, following
oil prices higher. Europe’s benchmark has still tumbled 18 percent since
an April high, inching closer to the common definition of a bear
market.
Stocks are falling in
2016 on concern China’s slowdown may be worse than expected and as oil
slumped further. A rally in Europe yesterday weakened heading into the
close, signaling investors lack the conviction to drive a rebound after
stocks’ worst-ever start to a year. Prospects for global profit growth
are also worsening, with analysts cutting forecasts by the most since
2009, according to a Citigroup Inc. index.
Source: Bloomberg
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