European Stocks Steady as Cyclical Sector Gains Offset Tech Drop

European stocks were muted, with advances in cyclical sectors such as autos and chemicals offsetting declines in technology shares. Novo Nordisk A/S plunged 17% after issuing a shock sales forecast.

The Stoxx Europe 600 Index was little changed at the close after earlier rising as much as 0.7%. Chemical stocks had their best day in almost four years as optimism for softer emission-reduction rules in the region added to a broader rotation toward companies geared to improving growth prospects. Defensive sectors including telecoms and consumer staples also advanced.