European stocks give up gains

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Published May 31, 2017

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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.

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.

BLOOMBERG

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