Europe lower as declines in banking shares offset advances in healthcare

On Thursday the euro fell against most of its major peers while European shares drifted lower before the region’s central bank releases minutes of its last policy meeting.

The Stoxx Europe 600 Index started on the back foot and stayed that way, with declines in banking shares offsetting advances in healthcare stocks. Gold and tin were among the best performing metals, and zinc traded near a 10year high.

The tumult that swept markets in the wake of heightened tensions between the U.S. and North Korea last week has eased, bringing down gauges of equity and bond volatility and repairing most of the damage done to stock markets. But political angst isn’t over; investors will likely keep one eye on Washington, where President Donald Trump disbanded two high-profile business advisory councils amid the fallout from his response to the weekend violence in Virginia.

In Europe, policy makers have signaled that they are getting closer to phasing out quantitative easing. Reuters reported this week that ECB President Mario Draghi won’t deliver a fresh policy message at the Federal Reserve’s annual symposium in Jackson Hole, Wyoming later this month.

The Stoxx Europe 600 Index decreased 0.3 percent as of 10:38 a.m. in London. The U.K.’s FTSE 100 Index dipped 0.3 percent. Futures on the S&P 500 Index fell 0.1 percent, the first retreat in a week on a closing basis.

Asian shares outside Japan extended gains for a fourth day as U.S. Federal Reserve meeting minutes reduced the odds of another interest-rate increase. The MSCI Asia Pacific Index added 0.5 percent, set for its best week in about a month. Japan’s Topix closed lower for its eighth day of declines in 10 days, as the yen strengthened against the dollar and the nation reported a second-straight trade surplus.

West Texas Intermediate crude decreased 0.3 percent to $46.63 a barrel, the lowest in more than three weeks.

This article was compiled by BOV Asset Management Limited, a member of the BOV Group. BOV Asset Management,TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Email: infoassetmanagement@bov.com Internet address: www.bovassetmanagement.com. BOV Asset Management is licensed by the MFSA.