European stocks fell as a rout in carmakers outweighed a rally in banks on the first day of the earnings
season’s busiest week.
The Stoxx Europe 600 Index fell 0.2 percent at the close. Equities fell as much as 0.6 percent after data showed the euro- area economy in July grew at the slowest pace in six months. Automakers fell for a third day, weighing on Germany’s DAX Index, as concerns lingered about antitrust collusion in the industry. European shares fell last week as a strong euro stoked concern that exporter profits will suffer.
Almost a third of the companies in the Stoxx 600 are scheduled to report results this week. Deutsche Bank AG, BNP Paribas SA and UBS Group AG are among financial firms slated to do so.
A euro at $1.20 versus the U.S. dollar may be the “pain threshold” at which the single currency would damp this year’s long-awaited earnings revival in Europe, according to a Bloomberg survey of 23 strategists and fund managers.
Adding to weak data in Europe, a report showed manufacturing in Germany expanded less than expected in July. The benchmark DAX Index fell 0.3 percent amid losses in auto shares.
Source: Bloomberg Pro Terminal
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