European Markets Under Pressure as Oil Shares DipEuropean equities fell on Thursday, as market sentiment in the region failed to be lifted by upbeat trade in the US and in oil.
The pan-European Stoxx 600 declined 0.33 percent provisionally by the finish, with the majority of the sectors ending in the red. The index was supported by broad-based gains in the banking sector.
The U.K.'s FTSE 100 dropped 0.9 percent as sterling posted solid gains against the U.S. dollar. France's CAC 40 and Germany's DAX were 0.47 and 0.29 percent lower respectively.
Telecoms outperformed fellow industries, with most of its stocks closing in the black. Construction & material and basic resources were the worst performers. Mining stocks, in particular, was under pressure, as nickel prices dropped around 2.5 percent.
Oil companies lost ground as oil prices turned mixed as OPEC agreed to extend output reductions. Among energy firms, shares of BP PLC and Royal Dutch Shell PLC each fell 1.1 percent, while Total SA lost 0.6 percent.
Banks were again among the biggest advancers, continuing Wednesday's push higher. That advance came after U.S. Federal Reserve Chairman-nominee Jerome Powell said he hopes to ease financial regulations.
Swiss lender Credit Suisse Group advanced two percent, after it provided a strong outlook and pledged to return a large amount of profits to investors.
Mediclinic closed 4.7 percent higher, after Jefferies improved its rating on the stock from "underperform" to "buy".
Euronext jumped 4.2 percent after it announced it would acquire 100 percent of the Irish Stock Exchange's shares, for 137 million euros ($162 million).
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