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European stocks give up gains

International

London - Gains in European stocks were short-lived as bank shares slumped and miners and energy producers tracked losses in crude prices.

The Stoxx Europe 600 Index slipped 0.1 percent at 3:24 p.m. in London, erasing an earlier advance of as much as 0.5 percent. Lenders followed US peers lower after JPMorgan Chase & Co. said revenue from its trading businesses declined in the second quarter. Disappointing US housing data also weighed on investor sentiment.

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In the UK, the FTSE 100 Index jumped as much as 0.8 percent to an intraday record before trading 0.2 percent higher. Ahead of next week’s general election in the country, a Panelbase poll conducted May 19-23 showed the Tories getting 48 percent of the vote and the Labour Party winning 33 percent.

Read also: European shares ease, Unicredit boosts Italian banks

An earlier YouGov Plc study projected the ruling party would fall short of a majority, spurring a slump in sterling. Miners were the biggest losers among Stoxx 600 industry groups amid a slump in iron-ore prices.

Energy shares extended this year’s worst performance. Among shares active on corporate news, Ericsson AB shares climbed 5.2 percent after activist investment firm Cevian Capital AB bought a stake in the company, a move that may see a push for it to accelerate cost-cutting at underperforming businesses.

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