Europe Stocks Slip as Financial Companies' Loss Outweighs MinersBy
European stocks fell for a second day as a decline in financial services outweighed a rally in natural resources companies.
The Stoxx Europe 600 Index dropped 0.2 percent at the close. Miners rebounded from their biggest drop in two months, while financial-services shares led losses as Provident Financial Plc sank 18 percent after saying profit at its consumer credit division will nearly halve in 2017. A rebound in oil helped trim losses in the benchmark, which slid as much as 0.9 percent earlier in the day.
- Italian lenders rallied after Intesa Sanpaolo SpA said it’s prepared to buy certain assets and liabilities of two troubled banks in the country’s northern Veneto region provided it doesn’t harm the bank’s capital and dividends. Unione di Banche Italiane SpA rallied 5.1 percent, while Intesa Sanpaolo SpA climbed 2.5 percent.
- The U.K.’s exporter-heavy FTSE 100 Index fell 0.3 percent as sterling strengthened after hawkish comments from the Bank of England’s chief economist.
- Energy producers climbed amid a rebound in oil prices after data showed a drop in U.S. inventories. Crude fell into a bear market yesterday amid a persistent global glut.
— With assistance by Blaise Robinson, and Elena Popina