European stocks declined for a second day as sliding oil prices stoked investor concern about global growth.
Miners
led the losses, taking their two-day decline to 9.5 percent, the most
since August. BP Plc and Royal Dutch Shell Plc fell more than 2.8
percent as oil spent more of the day down after Iran dismissed a
proposal by Saudi Arabia and Russia for producers to freeze output.
European automakers and banks, the weakest groups this year, were also
among the worst performers on Wednesday.
The
Stoxx Europe 600 Index dropped 2.3 percent for its biggest two-day
decline since Feb. 9. The gauge resumed its losses after posting its
biggest weekly rally in a year and reaching a three-week high on Monday.
A
measure of stock volatility climbed for a second day, taking its
increase to 49 percent for 2016. The year has been particularly brutal
for European shares as a slump in lenders added to concerns over global
growth and the oil rout. The Stoxx 600 hasn’t posted more than two
consecutive days of gains since December.
Commodity
producers sank 6.5 percent as a group on Wednesday, after they
rebounded as much as 35 percent from this year’s low through Monday.
Glencore Plc and Anglo American Plc slumped more than 9.5 percent, while
BHP Billiton Ltd. and Rio Tinto Group lost at least 5.7 percent.
Lenders,
the most battered among European industries this year, lost 3 percent.
The group slumped to a three-year low this month amid worries over bad
loans at Italian firms, the impact of a low-rate environment on profits
and Deutsche Bank AG’s creditworthiness. Greek and Italian banks fell
the most on Wednesday, and Denmark’s Sydbank A/S tumbled 8.4 percent
after reporting profit that missed estimates.
Wirecard
AG plunged the most in the Stoxx 600, sinking 22 percent. An anonymous
short seller published a report accusing senior management and board
members at the German payments processor of money laundering and of
facilitating the evasion of U.S. restrictions on Internet gambling. The
company denied the allegations and called them “slanderous.” Hugo Boss
AG tumbled 8.4 percent for its biggest two-day slump since 1999 as
Societe Generale SA cut its rating on the German clothier to sell from
hold following yesterday’s profit warning.
Fresenius
SE climbed 3.4 percent after Europe’s largest health-care provider
forecast that profit and sales will increase this year. Petrofac Ltd.,
Wolters Kluwer NV and Atos SE were among the region’s best performers,
rising more than 3 percent, after reporting earnings. Rexel SA jumped
5.9 percent after Cevian Capital increased its stake in the French
company.
Source: Bloomberg
0 komentar :
Post a Comment