European Stocks Decline as Investors Assess U.S. Policy Concern
European Stocks Decline as Investors Assess Recent Gains, Fed
(Bloomberg) -- European stocks dropped the most in a week amid rising concern over Donald Trump’s pro-growth policy agenda following a rebuke by business leaders.
The Stoxx Europe 600 Index dropped 0.6 percent at the close. Banks declined the most in three months, following bond yields lower. While Europe’s benchmark climbed in the past three sessions, it’s still down 4.9 percent since a May peak. Stoxx 600 members are trading at their cheapest level versus peers in the S&P 500 Index since Bloomberg records began in 2002, on the basis of their asset value.
- European stocks slid the most in a week following a decline in U.S. equities; the Standard & Poor’s 500 Index retreated as markets assessed the outlook for Trump’s policy proposals after he disbanded two advisory councils staffed by CEOs and slammed Republican members of Congress who were critical of his recent remarks on race
- Geberit AG led construction companies to the third-worst performance among Stoxx 600 groups, falling 5.8 percent after its quarterly earnings missed even the lowest analyst estimate
- Hikma Pharmaceuticals Plc dropped 10 percent after the drugmaker lowered its guidance for the generics business
--With assistance from Elena Popina
To contact the reporter on this story: Namitha Jagadeesh in London at njagadeesh@bloomberg.net.
To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Scott Schnipper