Stoxx 600 Ends Three-Day Advance on Inflation Data; Miners RiseBy
European stocks halted a three-day streak of gains as a report showed June consumer prices in the euro area were unchanged from a month earlier. Miners climbed after China’s economic growth exceeded estimates.
The Stoxx Europe 600 Index rose 0.02 points to trade little changed at the close, erasing ad advance of as much as 0.3 percent after the June inflation data. Industrial shares slid after the report, posting the second-worst declines among industry groups. Retail shares advanced 1.1 percent, while miners were the second-best performers, tracking copper prices higher.
- Investors in European equities are switching into stocks most geared to benefit from a pickup in economic growth and borrowing costs -- including miners and banks -- and deserting their defensive peers, reviving a trade that dominated the market at the end of last year.
- China’s economy maintained in the second quarter, driven by a pickup at the nation’s factories. Stoxx 600 miners rose for a sixth straight day, extending a three-month high.
- Among shares active on corporate news, Telenor ASA rallied 8.2 percent after reporting a narrower-than-forecast quarterly loss and saying it will buy back shares.
- ITV Plc gained 1.3 percent. EasyJet Plc Chief Executive Officer Carolyn McCall is taking on the top role at the broadcaster.
— With assistance by Sofia Horta E Costa, Blaise Robinson, and Elena Popina