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London - A drop in oil producers and miners stopped the rebound in European stocks.
The Stoxx Europe 600 Index fell 0.3% at 8:19 a.m. in London, with Seadrill and Subsea 7 SA losing more than 4%. BHP Billiton declined 0.9%.
European equities rose last week for the first time in 2016 after posting their biggest two-day surge since 2011 on speculation the European Central Bank will add to stimulus measures.
Concern that China’s slowdown would hurt the global growth just as oil deepened its rout sent the Stoxx 600 to its lowest level in more than a year on Wednesday.
Italian shares, the highlights of 2015, were some of the worst performers as worries grew over swelling bad debt at its banks.
Banca Monte dei Paschi di Siena SpA rebounded 5.7%, taking its three-day surge to a record 56 percent. Denmark’s Jyske Bank A/S jumped 7.6% after reporting that it hit its ROE target despite earlier warnings that it would be difficult.
Spain’s IBEX 35 Index slipped 0.5%. Socialist leader Pedro Sanchez and his would-be deputy prime minister officially broached the issue of forming an alliance for the first time as the chances of Mariano Rajoy’s People’s Party clinging on to power receded. Portugal’s PSI 20 Index fell 0.4 after Marcelo Rebelo de Sousa, a former Social Democrat leader preaching compromise between the country’s parties, won a presidential election.
Greek stocks may move after Standard & Poor’s upgraded the country to B- from CCC+, with a stable outlook.
