LONDON: European stocks turned lower Monday, with the region’s benchmark pulling away from record highs, giving up gains that followed the release of encouraging economic data earlier in the session.
The Stoxx Europe 600 SXXP, -0.23% swung down by 0.2% to close at 391.29, as energy, consumer goods and industrial shares traded in the red.
Stocks had been slightly higher earlier in the session after data firm Markit’s final February reading of manufacturing activity data for the eurozone confirmed modest growth, with the purchasing manufacturer’s index holding steady at 51.0.
But following a strong run for European stocks as of late, investors are seizing the opportunity to book gains ahead of the European Central Bank’s meeting on Thursday and the closely watched monthly U.S. jobs report due Friday, said Fawad Razaqzada, technical analyst, at Forex.com. The Stoxx 600 on Friday notched its highest close since July 2007, and ended with a February advance of 6.9%. The index also finished last week with its fourth consecutive weekly advance.
