European stocks fell for the first time in three days, dragged lower by energy and media companies.
The Stoxx Europe 600 Index lost 0.6 percent at 8:22 a.m. in London. Royal Dutch Shell Plc and Repsol SA were among the companies that declined as oil dropped for a second time in three days. JC Decaux SA and Numericable-SFR led media shares lower after earnings.
The gauge for European equities advanced 1.4 percent in the past two days, rebounding from a one-month low amid earnings and easing concern over the efficiency of central-bank policy. The Stoxx 600 still closed 4.1 percent below the high it reached on April 20 and down more than 8 percent for the year. In Greece, the benchmark ASE Index is close to erasing its annual losses as euro-area finance ministers presented the first-ever plans for a debt relief on Monday.
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Declines in commodity and energy producers dragged down European stocks from a two-month high, after the Bank of Japan refrained from boosting its record monetary stimulus.
Anglo American Plc tumbled 11 percent. Antofagasta Plc slid 4.5 percent, paring losses of as much as 11 percent, after abandoning its dividend and saying annual profit slumped 99 percent. A gauge of energy shares tracked crude lower, with Tullow Oil Plc and Seadrill Ltd. down more than 9.5 percent.
The Stoxx Europe 600 Index dropped 1.1 percent at the close of trading. The benchmark yesterday capped its biggest two-day rally in three weeks as investors reassessed the European Central Bank’s stimulus package. Asian shares fell today after the BOJ kept its negative policy rate and asset-purchase plans unchanged, while Federal Reserve and Bank of England decisions are also due this week.
Source : Bloomberg