Europe Stocks Drop Fifth Day as Banks, Commodity Producers FallBy and
European stocks fell for a fifth consecutive session as bank shares slumped and miners and energy producers tracked losses in crude prices.
The Stoxx Europe 600 Index slipped 0.1 at the close, erasing an earlier advance of as much as 0.5 percent. The gauge has declined 0.6 percent in five days. Lenders slid 0.8 percent Wednesday after JPMorgan Chase & Co. said revenue from its trading businesses declined in the second quarter. Disappointing U.S. housing data also weighed on investor sentiment.
- Miners slid 2.1 percent in the biggest decline among Stoxx 600 industry groups amid a slump in iron-ore prices. Energy shares extended this year’s worst performance.
- Among shares active on corporate news, Ericsson AB shares climbed 4.5 percent after activist investment firm Cevian Capital AB bought a stake in the company, a move that may see a push for it to accelerate cost-cutting at underperforming businesses.
- Banks retreated for a fifth day in the longest losing streak since mid-April; JPMorgan Chase & Co. said revenue from its trading businesses has dropped 15 percent so far in the second quarter from the same period a year ago amid low market volatility.
— With assistance by Elena Popina