Energy Producers Lead Drops in European Shares After 2-Day Gain

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.

Source: Bloomberg

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Japan Stocks Drops as Exporters Slump on Global Growth Concerns

Japanese shares fell, with the Topix index posting its biggest drop in almost three weeks, as exporters retreated after the yen gained on reignited concern about global growth.

The Topix slumped 1.1 percent to 1,332.33 at the close of trading in Tokyo. All but two of 33 industry groups slid. The gauge has lost 3.1 percent over three days, following a 15 percent rally over the previous three weeks. The Nikkei 225 Stock Average lost 0.8 percent to 16,642.20. The yen traded at 112.58 per dollar after rising 0.7 percent on Tuesday. The Standard & Poor’s 500 Index slipped 1.1 percent on Tuesday after China reported the biggest tumble in exports in almost six years and data showed Japan’s economy shrank last quarter.

Source: Bloomberg