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European Shares Retreat from 15-Month Peaks as G-20 Statement Eyed
European markets retreated from 15-month peaks in early deals as investors assessed the potential impact that trade barriers might have on global growth. The pan-European STOXX 600 dropped 0.1 percent in early morning trade as most sectors and major bourses were in the red.
The oil and gas index was the biggest decliner, off by 0.7 percent, as crude prices dropped on growing U.S. drilling activity and steady supplies from OPEC countries. Brent was trading at $51.61 per barrel, 0.3 percent lower and U.S. WTI was at $48.47 per barrel, down 0.6 percent. Britain's Tullow Oil was near the bottom of the European benchmark after reports of its plans to raise £607 million ($750 million) to lower a debt burden. Shares of Tullow Oil fell 1.1 percent.
Among shares active on corporate news, French IT firm Atos has denied reports that its Worldline payment terminals business was bracing for an offer for Ingenico. The latter's stock came off highs after the report and was trading flat.Banks were also weighed down by lender Deutsche Bank leading the declines, slipping one percent.
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