European stocks fell for the first time in four days, led by declines in commodity and energy producers.
Anglo American Plc and ArcelorMittal slid 4.6 percent or more, dragging miners to the worst performance among industry groups in the Stoxx Europe 600 Index. Energy stocks halted a three-day advance, with Amec Foster Wheeler Plc slumping 23 percent after saying it will halve dividends amid falling oil prices. Societe Generale SA and Adidas AG gained at least 4 percent.
The Stoxx 600 lost 0.4 percent at the close of trading, tracking a drop in U.S. shares. Europe’s equity gauge pared gains yesterday after the Federal Reserve signaled a December rate increase was possible.
The Stoxx 600 climbed 12 percent from a Sept. 29 low through yesterday, recouping about two-thirds of the losses from a summer rout. Its relative strength index is nearing 70, a level that technical analysts call overbought, meaning gains have gone too far.
The gauge earlier today erased a drop to rise as much as 0.4 percent as European Union Economic and Monetary Commissioner Pierre Moscovici said the euro should continue to support an economic upswing in the region, and projected a “soft landing” for China.
In the U.K., the FTSE 100 Index fell 0.8 percent. It had erased a drop after the Bank of England indicated it remains cautious about raising rates and trimmed its growth and inflation forecasts for 2015 and 2016.
Among other stocks active on corporate news, Vestas Wind Systems A/S climbed 5.2 percent after saying it will buy back as much as 150 million euros ($163 million) of its shares.
Credit Agricole SA dropped 8.3 percent after its net income fell at its corporate and investment bank. Adecco SA slid 11 percent after the world’s largest provider of temporary staffing trimmed profit margins.
Source : Bloomberg