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European stock little changed after biggest retreat

Jan 10 2017 14:33
Aleksandra Gjorgievska

London - European stocks were little changed as gains in commodity producers offset losses in utilities and banks.

The Stoxx Europe 600 Index added less than 0.1% at 10:53 in London, erasing an earlier slide of as much as 0.4%.

The UK’s FTSE 100 Index is poised to close at a record for a ninth straight day, which would make it a record streak of all-time highs.

Coming on the heels of its best annual performance relative to the Stoxx 600 in three decades, the FTSE 100 has climbed 1.7% in 2017 as a further slump in sterling boosted its exporters, and miners rallied.

Lenders headed for their worst two-day drop in two months, while miners led gains after data showed China’s factory prices rose at the fastest pace in more than five years in December.  

Advances in UK grocers also tempered losses, with Wm Morrison Supermarkets up 3.9% as it raised its profit forecast after posting its best Christmas sales in seven years.

"A market backdrop where risk aversion continues to decrease in conjunction with falling stock correlations suggest that this may be the start to an improving environment for stock selection," Citigroup strategists wrote in a note dated January 9.

The Stoxx 600’s relative strength index remains below 70 after yesterday dropping below the overbought level, which to some technical analysts signals further declines.

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