Europe Stocks Slip From 7-Week High as EON Falls After Earnings
- Utilities, health-care companies are biggest Stoxx 600 losers
- Benchmark index is still lower than its pre-Brexit level
European Stocks Close Lower
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European shares halted a five-day rally, retreating from their highest prices in almost seven weeks, on disappointing earnings at companies including EON SE and Novozymes A/S.
EON sank 6.9 percent, the most since June, as it reported a first-half loss, triggering a slide in the industry. Danish biotech company Novozymes sank 12 percent, pushing pharmaceutical companies to the biggest drop among sectors, as it reported profit that missed estimates and cut its sales outlook. Royal Dutch Shell Plc and Tullow Oil Plc dragged down energy companies as oil declined, while steelmakers including ArcelorMittal and Voestalpine AG fell more than 2 percent.