A rally in commodity producers failed to lift sentiment in European stocks, which closed lower for a third day.
The region’s shares extended their lowest levels since Oct. 21, with retailers Ocado Group Plc and Sports Direct International Plc plunging after reporting financial results that missed projections. Glencore Plc, on the other hand, jumped 7 percent as the Swiss commodities trader pledged to cut debt further, scale back operations and sell more assets.
The Stoxx Europe 600 Index slipped 0.3 percent at the close of trading in London, after earlier falling as much as 0.9 percent. It’s heading for a second week of losses for the first time in two months. Commodity producers climbed for a second day after hitting their lowest levels since 2009.
European equities lost 5.8 percent from their three-month high in November as commodity producers kept on sliding and the European Central Bank’s added stimulus fell short of expectations. The Stoxx 600 closed 12 percent below its April record.
The benchmark index had rebounded as much as 14 percent from a low in September through Nov. 30 in anticipation of the extended ECB measures and on optimism that the U.S. economy is strong enough to withstand an increase in interest rates by the Federal Reserve. The U.S. central bank will give its decision on Dec. 16, and traders are pricing in a 80 percent chance of a liftoff.