European Stocks Decline as Mining Shares Slide, Euro StrengthensBy
Respite proved brief for European stocks, which fell for the fourth time in five days as the euro strengthened against the dollar.
The Stoxx Europe 600 Index lost 0.4 percent at the close, following U.S. equities lower. Miners tumbled the most in two weeks, extending losses in afternoon trading. Rio Tinto Group slipped 2.8 percent after its profit missed analysts’ estimates. Banks were also among the worst performers.
Earnings revisions have turned negative in recent weeks as an advance in the euro threatens the region’s profit recovery. Analysts predict profits for Stoxx 600 firms will climb 13 percent on average this year. The single currency on Wednesday strengthened to its highest in 2 1/2 years against the dollar.
- The Stoxx 600 has lost steam in recent months, falling 4.4 percent since a mid-May high.
- Suppliers of Apple Inc. advanced after the iPhone maker’s revenue forecast topped some analysts’ estimates. Dialog Semiconductor Plc and AMS AG added at least 3.2 percent.
- Deutsche Lufthansa AG climbed 3.2 percent after second-quarter earnings doubled and the carrier said ticket prices rose in March, May and June.
- Hugo Boss AG jumped 6.5 percent after the apparel maker said comparable store sales climbed for the first time in two years.
— With assistance by Elena Popina