More Losses for European Stocks as Italian Referendum Approaches
- FTSE MIB little changed after sliding as much as 1.2%
- VStoxx index posts biggest weekly advance since Nov. 4
European Stocks' Lower Close Leads to a Weekly Decline
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European stocks extended their first weekly decline in a month as investors awaited Italy’s referendum and U.S. jobs data gave a mixed picture of the economy to traders assessing prospects for higher interest rates.
Banks and miners posted the biggest declines among industry groups in a reversal of the moves spurred by bets of stronger economic growth after Donald Trump’s U.S. presidential win. Consumer staples, utilities and real estate shares, which had lagged the post-election rally, advanced. The Stoxx Europe 600 Index dropped 0.4 percent at the close, with the volume of shares changing hands lower than the 30-day average.