11 Jul 2017

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Europe stocks decline as defensives drop, cyclicals advance

Namitha Jagadeesh, Bloomberg

London - European stocks drifted lower as gains in shares deemed more sensitive to economic growth were not enough to offset losses in those seen as relatively immune.

The Stoxx Europe 600 Index lost 0.4% at 14:14. Defensive sectors such as food stocks and real estate lost ground, while carmakers and miners gained.

Investors are awaiting the earnings season for cues on corporate health, with results from US companies including JPMorgan Chase due on Friday. Analysts have started trimming global profit expectations as improvements to the macroeconomic backdrop have stalled.

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