ROME: European stocks declined, paring a weekly gain, as miners and automakers retreated.
Daimler AG fell 2.4 percent. A gauge of commodity producers posted the biggest decline of the 19 industry groups on the Stoxx Europe 600 Index as Societe Generale SA said iron ore prices may extend losses. BHP Billiton Ltd. slid 2.1 percent.
The Stoxx Europe 600 Index slipped 0.2 percent to 397.74 at 10:19 a.m. in London, paring its weekly gain to 0.6 percent. The equity gauge has jumped 16 percent this year amid optimism stimulus from the European Central Bank will revive the region’s economy, while a weakening euro will boost profits. The rally propelled valuations to the highest in at least a decade last month.
“Everything looks expensive and we’re probably due a pullback soon,” said Ros Price, the chief investment strategist at Seven Investment Management in London. “Central banks have made asset prices go up — let’s see what they can really to do the economy. I’d say watch things carefully in April and be prepared. Yes, Europe’s recovery is picking up, but it’s still very fragile.”
Markets in Denmark, Iceland and Norway are shut today, while Sweden is open for a half day. All European bourses are closed for holidays Friday and Monday.
