European Stocks Erase Earlier Drop as Luxury, Drug Stocks Rise

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(Bloomberg) -- European stocks were flat, erasing an earlier decline, as some luxury stocks bounced back and drugmakers rose.Most Read from BloombergIndia’s Moment Has Arrived, and Modi Wants a New Global OrderFed Set to Double Its Economic Growth Forecast After Strong US DataSoaring US Dollar Raises Alarm as China, Japan Escalate FX PushbackStocks Retreat After Hot ISM Fuels Fed-Hike Wagers: Markets WrapImprisoned Billionaire’s Wealth Soars on 919% EV Stock RallyThe Stoxx Europe 600 Index was l

The Stoxx Europe 600 Index was little changed at 11:55 a.m. in London, following a six-day losing streak. Utilities and drugmakers rose, while miners and technology stocks were the biggest decliners among sectors.

Tech stocks slipped as China looked to expand a ban on the use of Apple’s iPhones to government-backed agencies and state companies. Among single stocks, Direct Line Insurance Group Plc soared after the insurer agreed to sell its brokered commercial insurance business lines to RSA, while Smurfit Kappa Group Plc fell after confirming that it was in talks with WestRock Co. to merge.

 

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