European Stocks Give Up Gains as Banks, Energy Shares Decline

European stocks gave up almost all the gains they had held on to for the better part of the day, as investors sold shares most closely linked with economic growth.

Banks, miners and energy shares slid, with the Stoxx Europe 600 Index following oil lower after a report showing U.S. crude inventories advanced to an 86-year high.

The regional benchmark added less than 0.1 percent at the close of trading, paring an advance of much as 1 percent. It fell as much as 0.6 percent earlier. A gauge of euro-area stock volatility reversed losses to snap a four-day declining streak.

The Stoxx 600 fell to a 2013 low last week amid a slew of woes this year, from concern over global growth to a deepening oil slump, a rout in banks and dissipating faith in central-bank support. It has since rebounded more than 8 percent, including yesterday’s rally driven by miners.

Source: Bloomberg