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European shares seek floor after sell-off but oil slump weighs
July 7, 2017 / 7:33 AM / 5 months ago

European shares seek floor after sell-off but oil slump weighs

MILAN, July 7 (Reuters) - European shares slipped in early deals on Friday but were set to end the week flat as the market sought a floor following a sell-off sparked by expectations of tightening monetary conditions.

The STOXX 600 index fell 0.2 percent but remained above the 11-week low hit in the previous session after European Central Bank minutes showed the euro zone rate-setters had left the door open to scrapping its bond-buying pledge.

The ensuing spike in bond yields across Europe hit stocks in the previous session sending major regional benchmarks down by more than percent intraday.

The pan-European index is up 0.1 percent so far this week following four straight week of declines. The commodity heavy British blue chip index was down 0.2 percent, penalised by the fall in crude oil prices.

The oil and gas index, the worst sectoral performer so far this year, led the declines on Friday, down 0.9 percent.

Carrefour was the biggest STOXX faller, down 3.3 percent after results at the world’s second-largest retailer failed to impress.

Rate-sensitive utilities outperformed, up 0.4 percent, as the sector rebounded following recent losses due to expectations over rising rates in the region. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)

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