Europe Stocks Extend Longest Losing Streak of ’15 Amid DAX Rout

A slump in German equities helped send European stocks down for a sixth day.

The Stoxx Europe 600 Index fell 0.4 percent to 383.87 at the close of trading in London, earlier losing as much as 1.4 percent. Germany’s DAX Index declined 0.6 percent after entering a correction on Monday. It’s dropped 11 percent from its April peak.

Stocks have fallen in past days as Greece struggles to strike a debt deal after months of talks. Creditors are growing increasingly frustrated with the country’s government after it rejected the terms of an aid package again last week and deferred a payment due to the International Monetary Fund. Greece pulled back on budget concessions to its creditors in new proposals Tuesday.

The Stoxx 600 extended its lowest level since February and has lost 4.2 percent in six days. A technical analysis signal shows the gauge is close to being oversold, with the relative strength index near 30. Last time it reached that level, in December, the index was about to start its biggest first-quarter rally since 1998.

Source: Bloomberg

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