Europe Stocks Halt Three-Day Gain on Inflation Data; Miners Rise
European stocks snapped a winning streak as a report showed June consumer prices in the euro area were unchanged from a month earlier, while miners climbed after China’s economic growth exceeded estimates.
The Stoxx Europe 600 Index fell 0.1 percent at 10:21 a.m. in London, erasing gains after the June inflation data. Industrial shares slid after the report, posting the worst declines among industry groups. Miners were the best performers, tracking copper prices higher.
Investors in European equities are switching into stocks most geared to benefit from a pickup in economic growth and borrowing costs — including miners and banks — and deserting their defensive peers, reviving a trade that dominated the market at the end of last year.
China’s economy maintained in the second quarter, driven by a pickup at the nation’s factories. Stoxx 600 miners rose for a sixth straight day, extending a three-month high.
Among shares active on corporate news, ITV Plc gained 3.4 percent. EasyJet Plc Chief Executive Officer Carolyn McCall is taking on the top role at the broadcaster. EasyJet dropped 0.7 percent.
Telenor ASA rallied 7.9 percent after reporting a narrower-than-forecast quarterly loss and saying it will buy back shares.