European stocks slid further away from a three-month high, trimming a second weekly advance, led by declines in carmakers and miners.
Daimler AG lost 5.2 percent after its quarterly operating profit declined. PSA Peugeot Citroen fell 3.8 percent after the group’s premises in France were searched by government fraud investigators as part of a probe into vehicle emissions. A gauge of commodity producers dropped for a second day, with ArcelorMittal and Rio Tinto Group down 2.8 percent or more.
The Stoxx Europe 600 Index lost 0.4 percent at 8:14 a.m. in London. Traders sent the benchmark 0.3 percent lower yesterday as they remained unconvinced by the European Central Bank’s stimulus program even after Draghi urged critics to give it time to work.
Still, advances in commodity and energy producers have led a rally in European equities in the past two months. The Stoxx 600 surged as much as 15 percent from a February low to close at their highest level since Jan. 6 on Wednesday. It’s poised for a weekly advance of 1.5 percent.
The gains have come even as analysts have slashed their profit estimates for the region’s companies. They now predict an earnings decline in 2016 for Stoxx 600 firms, reversing calls for growth at the start of the year.
Among shares moving on financial results, Kering SA slid 4 percent after the Gucci owner reported first-quarter revenue that trailed analysts’ estimates. Volvo AB rose 4.3 percent on better-than-estimated earnings.