European Stocks Retreat After Biggest Advance Since June 2016

(Bloomberg) -- European equities decline for a third session in four days amid a renewed focus on trade tensions between the U.S. and China after notching their biggest gain in 21 months Thursday.

The Stoxx 600 falls 0.5%, with automaker and mining shares leading declines. U.S. stock-index futures also drop. Defensive utilities shares are the only industry group in the green in Europe. Dufry AG rises 3.4%, among the best Stoxx 600 performers, after its dividend was seen to be at the upper end of expectations.

EUROPE EQUITIES

• 2 out of 19 Stoxx 600 sectors rise; the autos sector has the biggest volume at 133% of its 30-day average; 110 Stoxx 600 members gain, 474 decline
• Top Stoxx 600 outperformers include: Suez +3.1%, Pennon Group +2.4%, Dufry +2.3%, CYBG +2.1%, Intrum Justitia +2.0%
• Top Stoxx 600 underperformers include: ams -3.3%, Orkla -3.2%, Aareal Bank -2.6%, Next -2.5%, IWG -2.2%

MARKETS

• Equities: Euro Stoxx 50 down 0.6%, FTSE 100 down 0.2%, DAX down 0.5%, CAC 40 down 0.4%, FTSEMIB down 0.2%, IBEX 35 down 0.6%, AEX-Index down 0.4%, Swiss Market Index down 0.7%
• Bonds: German 10-year yield down 1bp at 0.51%
• Credit: iTraxx Main up 0.6bps at 58.2, iTraxx Crossover up 3.2bps at 286.1
• FX: Euro spot down 0.09% at 1.2229, Dollar index up 0.08% at 90.53
• Commodities: Brent crude down 0.6% at $67.9/bbl, copper down 0.6% at $6,773/MT, iron ore up 0.1% at $62.74/MT, gold down 0.2% at $1,324.37/oz

COMPANY NEWS/MARKET STORIES

• Zames Said to Be Sounded Out as Deutsche Bank CEO by Recruiters
• German Output Unexpectedly Falls on Construction and Investment
• U.S. Stocks Have Least Power Over Europe Since Financial Crisis
• China Vows to Fight Trump Tariffs ‘to the End’ as Tension Rises

To contact the reporter on this story: Aleksandra Gjorgievska in London at agjorgievska@bloomberg.net.

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Blaise Robinson

©2018 Bloomberg L.P.