The pan-European STOXX 600 fell 1.0 per cent, in sharp contrast to Asian markets and Wall Street futures that steadied on hopes of a fresh US stimulus package. — Reuters pic
Most European sectors slipped, with healthcare stocks proving the biggest drag, while banking stocks were supported by rising US and European government bond yields. “Earnings have been generally well above expectations, and guidance has been a positive surprise,” said Patrick Moonen, principal strategist in the multi-asset team at NN Investment Partners.
The STOXX 600 has struggled to break out of a trading range since June, when it recouped a large part of the early pandemic-driven losses. The benchmark is still about 16 per cent below its all-time high.
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