Declines in banks dragged European stocks lower for a third day, while investors weighed financial results amid concern over global growth.
Novo Nordisk A/S slid 7.6 percent and Royal KPN NV lost 1.2 percent after they reported worse-than-estimated earnings. A gauge of lenders posted the worst performance in the Stoxx Europe 600 Index, extending its lowest level since 2012. The regional benchmark deepened a drop after U.S. services data missed estimates, stoking concern about a recovery in the world’s biggest economy.
The Stoxx 600 fell 1.5 percent at the close of trading, capping its longest losing streak in two weeks. It briefly inched into positive territory on at least three occasions today, but failed to sustain gains.
Anxiety about global growth has resurfaced, after a two-week halt to the market selloff sparked by China’s slowdown and an oil rout. While central-bank optimism tempered losses toward the end of last month, the benchmark still had its worst start to a year since the financial crisis.
Among other stocks active on financial results, Fortum Oyj slid 13 percent after its quarterly comparable operating profit missed projections.
Source: Bloomberg
