The Industry Missing From the Broad Rally in European Stocks: Chart

Why commodities producers are far behind everyone else.


There’s a broad rally in European equities that excludes one big component: commodity producers of oil and metals. While the benchmark Stoxx 600 Europe Index soared to a 22-month high in May, those sectors lagged as crude fell below $50 a barrel and industrial metals including copper stagnated, driving the Bloomberg Commodity Index to its lowest level in more than a year. Technology and household-goods stocks led the benchmark’s advance.


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