Rally in Miners Boosts Europe Stocks for First Time in Four Daysby
European stocks rose as commodity producers led an advance in cyclical shares, while those deemed more immune to the economy trailed.
The Stoxx Europe 600 Index added 0.3 percent at the close, with its gauge of miners climbing to the highest level since July 2014. The FTSE 100 Index closed little changed, with the pound falling as investors bet a Supreme Court defeat for U.K. Prime Minister Theresa May won’t derail the start of a process to leave the European Union.
- A rally in the Stoxx 600 has lost steam in January. After boosting equities following Donald Trump’s U.S. election on bets of faster economic growth, investors unwound some of those positions in recent sessions as he emphasized protectionist policies.
- Among shares active on corporate news on Tuesday, BT Group Plc plunged 21 percent after more than tripling the size of a writedown at its Italian unit. EasyJet Plc slid 8.8 percent after saying a Brexit-induced weakening in the pound and higher fuel costs will drag on earnings more than expected.
- Assicurazioni Generali SpA jumped 8.2 percent after a report that Intesa Sanpaolo SpA is considering making an all-stock offer for it, a bid that analysts say is unlikely to succeed.