BERLIN, Nov 29 — European stocks fell for a second day as investors assessed dimming prospects for an Opec deal and risks from Italy’s referendum.
Energy producers tracked declines in crude as Opec officials stayed split on an agreement to cut output ahead of Wednesday’s meeting. Miners also retreated, with Antofagasta Plc and Anglo American Plc down at least 2.4 per cent. Italy’s FTSE MIB Index inched lower, poised for its biggest two-day drop in almost four weeks, before the December 4 vote on constitutional reform.
The Stoxx Europe 600 Index fell 0.2 per cent at 8.19. in London. Declines in Italian lenders dragged the benchmark lower yesterday, after it capped three weeks of gains. After unexpected victories for Donald Trump in the US and the UK campaign to leave the European Union, investors are on edge about the prospects for political and economic instability in Italy should Prime Minister Matteo Renzi lose the referendum.
The FTSE MIB has declined 5.3 per cent in November, while the Stoxx 600 is little changed. Gains in shares seen benefiting from stronger economic growth boosted the European gauge in the weeks following Trump’s win on speculation his administration will increase fiscal spending, before losing momentum this week.
Among stocks active on corporate news, Actelion Ltd. tumbled 6.3 per cent after the Financial Times reported the drugmaker is discussing a complex transaction with Johnson & Johnson that would allow it to remain independent. The Swiss stock surged on Friday after confirming talks without giving details.
Deutsche Lufthansa AG fell after losing a German court bid to prevent pilots from resuming strikes today in a labour dispute that has caused almost 4,500 flight cancellations this month. — Bloomberg