European stocks decline as investors assess recent gains

London - European stocks halted their longest winning streak in a month, as traders weighed recent gains and odds fell of another US interest-rate increase this year.

The Stoxx Europe 600 Index dropped 0.2% at 09:25. Banks declined from a one-week high, following bond yields lower. While Europe’s benchmark climbed in the past three sessions, it’s still down 4.6% since a May peak.

Stoxx 600 members are trading at their cheapest level versus peers in the S&P 500 Index, on the basis of their asset value.

• The euro held most of its gains versus the dollar made on Wednesday after minutes from the Federal Reserve’s last meeting revealed a debate between officials as to whether further rate increases are the right response to produce more inflation.

• Traders are pricing in less-than-even odds of another hike until March 2018, Fed fund futures data showed.

• Among shares active on corporate news, Geberit led construction companies to the second-worst performance among Stoxx 600 groups, falling 5.9% after its quarterly earnings missed even the lowest analyst estimate.

• Hikma Pharmaceuticals dropped 7.5% after the drugmaker lowered its guidance for the generics business.

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