ROME: European stocks edged lower Tuesday, losing steam after the longest win streak in more than a year, as investors turned their attention away from Greece toward corporate earnings.
The Stoxx Europe 600 SXXP, -0.09% shed 0.2% to 40,602, led by losses among health-care, technology and telecom stocks. The pan-European index on Monday logged its ninth consecutive advance. That marked its longest winning streak since early April 2014, when the market rose for nine days, according to FactSet data.
European equities have gained as Greece and its creditors began moving more quickly toward talks on a third bailout package for the debt-laden country. On Monday, the Greek government repaid about 6.8 billion euros ($7.38 billion) to its creditors, using an EU bridge loan.
With such progress made, investors’ attention was moving to corporate financial results. Swiss drug maker Novartis AG NOVN, -2.15% shares slumped 2.3% after its report. The pharma said its second-quarter profit fell 32% from a year ago, hurt by strengthening in the dollar and a weak result from its eye-care treatment business.
On the European indexes, Germany’s DAX 30 index DAX, +0.08% was off 0.1% at 11,729.72 and France’s CAC 40 index PX1, +0.14% fell 0.2% to 5,134.34.
