Europe Stocks Close Lower After Volatile Session Amid Mixed Data

(Bloomberg) -- European stocks closed lower, after swinging between gains and losses, as investors weighed economic reports from the euro area to the U.S.

The Stoxx Europe 600 Index was down 0.2% at the close. After early gains, it tumbled as much as 1% as data showed the euro-area economy unexpectedly slowed this month, while Brexit talks stalled. Stocks pared some losses, however, after U.S. data on output and existing home sales beat expectations.

European stocks completed their first weekly decline since the end of July, down 0.8%. They have been largely rangebound since early June, following their rally off a March low.

Ian Williams, a strategist at Peel Hunt, said that he doesn’t think investors are paying that much attention to forecasts at the moment and are instead assessing their portfolios stock by stock.

“I think a lot of them are using this quieter spell to do the bottom-up work, just thinking about what they want to own on a three to five-year view -- the survivors versus the non-survivors,” Williams said by phone.

Among industry groups, travel and leisure shares rallied amid the U.K.’s plan to add Portugal to countries under looser travel restrictions. Banks and carmakers led losses.

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