European Stocks Fall as Selloff in Oil Drags Down Energy SharesBy
European stocks fell as energy and mining shares tracked declines in commodities as oil fell to a nine-month low.
The Stoxx Europe 600 Index retreated 0.7 percent, the most in a week, at the close. Energy stocks extended a decline after oil dropped to $43 a barrel amid a revival in output from Libya and rising volumes of fuel held in tankers. Mining and energy shares closed at the lowest levels since November.
- A tighter labor market will eventually trigger a rebound in inflation data that has been weak in recent months, Federal Reserve Bank of New York President William Dudley said Monday. The dollar rose along with Treasury yields after his comments.
- In the U.K., the pound sank as Bank of England Governor Mark Carney emphasized his dovish stance, saying he’s still worried about the impact of Brexit on the local economy.
- Food and beverage stocks added 0.5 percent in the only sector in a gauge of European equities to finish the day in the green. Stocks added 0.5 percent in the fourth day of gains.