European Stocks Decline, Erasing Gains in Roller Coaster Week

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European Stocks Decline, Erasing Gains in Roller Coaster Week

Bloomberg - 8/28/2015 3:01:00 PM

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Once again, European stocks are failing to hold on to the previous day’s gains in a week of wild swings.

The Stoxx Europe 600 Index slid 0.6 percent at 9 a.m. in London, erasing its advance for the week. Roche Holding AG and Sanofi slid 0.9 percent or more, dragging health-care shares lower, while LVMH Moet Hennessy Louis Vuitton SE and Cie. Financiere Richemont SA tracked losses in luxury-goods stocks.

Europe’s benchmark measure has been particularly volatile this week, alternating between daily losses and gains of at least 1.8 percent since Monday. On that day, it plunged the most since 2008 as a global selloff triggered by China’s currency devaluation spread. A gauge tracking volatility expectations for euro-area stocks has seen moves of 13 percent or more in four of the past five daily sessions. The VStoxx Index was little changed today.

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