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Europe stocks pare drop on misinterpretation of Draghi comments

London - European stocks pared losses after comments by Eurosystem officials  damped speculation that Mario Draghi had turned more hawkish.

The Stoxx Europe 600 Index was little changed at 15:12, reversing a drop of as much as 1%, as gains in travel-and-leisure and automaker shares offset a drop in technology and healthcare stocks. 

The officials said the European Central Bank president’s speech on Tuesday was intended to strike a balance between recognising the currency bloc’s economic strength and warning that monetary support is still needed.

Equities fell on Tuesday, while the euro and bond yields surged, as some investors speculated Draghi’s speech was an indication he  sees room for paring monetary stimulus without tightening policy.

The benchmark is poised to end four months of gains, in keeping with a trend that has seen it decline in nine of the past 10 Junes.

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