European
stocks closed little changed, almost erasing intraday losses, as a
surge in oil countered a decline in banks and exporters.
Miners
and energy shares tracked gains in crude, with Anglo American Plc and
Glencore Plc up more than 9 percent. Banks were among the worst
performers on the Stoxx Europe 600 Index, while BMW AG and Continental
AG led carmakers lower.
Europe’s
benchmark lost less than 0.1 percent at the close. It reversed an early
advance of 0.4 percent to tumble as much as 1.8 percent, before paring
losses. The Federal Reserve late yesterday signaled a slower pace of
rate increases, citing the potential impact from weaker global growth
and financial-market turmoil.
Source : Bloomberg
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