European Stocks Decline for Second Day as Miners, Retailers DropBy
European stocks fell for a second day in a broad decline led by retailers and commodity producers, which tracked a drop in metal prices.
The Stoxx Europe 600 Index retreated 0.4 percent at the close, with 16 of 19 industry groups lower. The benchmark has closed below its 50-day moving average in recent sessions as this year’s gains have slowed since a peak in mid-May.
- Hennes & Mauritz AB dragged retail shares lower with a 5.5 percent drop after its May sales rose less than estimated.
- The Federal Reserve raised borrowing costs in a widely expected decision that came after the European market close, and maintained its outlook for one more hike in 2017. The Stoxx 600 yesterday reversed intraday gains amid disappointing U.S. data.
- European equities’ outperformance over U.S. stocks this year has diminished as an earlier rally wanes on concern expectations for economic improvements have peaked.
- U.S. stocks fell for the fourth time in five days as selling in technology shares worsened.