Banking Sector Leads European Stocks Lower
October 11 2016 - 05:50AM
Dow Jones News
European stocks opened with modest losses on Tuesday, shrugging
off gains on Wall Street and in Asia.
The Stoxx Europe 600 inched down 0.3% in the early minutes of
trading, led lower by the banking sector.
Shares of oil and gas companies also declined as Brent crude oil
pulled back 0.6% to $52.86 a barrel. Crude oil prices had hit a
one-year high on Monday on news that Russia would support the
Organization of the Petroleum Exporting Countries' attempt to cut
its collective output.
In currencies, the WSJ Dollar Index, which measures the dollar
against a basket of 16 currencies, was last up 0.3%, supported by
comments late Monday from Federal Reserve Bank of Chicago President
Charles Evans, which added to investors' expectations for an
interest rate rise in December.
The British pound fell 0.6% to $1.2290, bringing losses so far
this year close to 17%, while the euro was down 0.2% against the
dollar at $1.1121.
Earlier, Japan led gains in Asian markets as the dollar
strengthened 0.3% against the yen to ¥ 103.8950. A weaker yen tends
to boost shares of Japanese exporters.
Shares in Shanghai added 0.6%, while Hong Kong's Hang Seng fell
1.4% amid a steep fall in property stocks.
Kenan Machado contributed to this article.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
October 11, 2016 05:35 ET (09:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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