European Equity Gains Lose Momentum With 2016 Drawing to a Close
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European stocks faltered as investors proved unwilling to sustain a rally that’s lifted equities close to a one-year high.
The Stoxx Europe 600 Index fell 0.4 percent, with trading volume less than half the 30-day average. Shares that fell the most were cyclicals, including banks, carmakers and miners, although they remain among the best performers in the final quarter of the year amid bets for stronger economic growth. Stocks in Italy and Spain dropped for a second day, while German shares fell for the first time in three days. The U.K.’s FTSE 100 Index bucked the trend, gaining 0.2 percent to break past a record high set yesterday.