European Stocks Slide With Cyclicals Losing Favor After Rally
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European stocks fell for a second day, with the recent rotation into cyclicals reversing further as investors assessed the extent of the market rebound ahead of a key Federal Reserve meeting.
The Stoxx Europe 600 Index closed 1.2% lower. Banks and insurers, among the biggest gainers since mid-May, fell 2.5% or more, while more defensive sectors outperformed.