European stock markets continued last week’s declines on Monday, tracking negative sentiment from Asia, where most bourses closed in deep-red territory.
The Stoxx Europe 600 index lost 0.9% to 321.96, on track for the lowest closing level in 2014. On Friday, the benchmark ended its worst week since June, after renewed uncertainty about growth in China spurred a sharp selloff in emerging-markets currencies.
The DAX 30 index gave up 0.5%. Elsewhere, the U.K.’s FTSE 100 index slid 1.1%, and France’s CAC 40 index dropped 0.4%.
A released report showed business confidence in Germany rose for a third month, signaling economic growth in Europe’s largest economy is accelerating.
The Ifo institute’s German business climate index advanced to 110.6 in January from 109.5 in December. Economists predicted an increase to 110, according to the median of estimates.
Adding pressure on the pan-European index on Monday, shares of BG Group PLC sank 15% after the energy company warned its oil-and-gas output this year will be lower than previously forecast partly due to turmoil in Egypt. The group declared “force majeure” on contracts in Egypt.
Vodafone Group PLC dropped 4.9% after AT&T Inc. said it has no intention of making an offer for the U.K. telecoms firm.
On a more upbeat note, shares of LM Ericsson Telefon AB gained 3.1% after it signed a deal with Samsung Electronics Co. on global patent licenses, putting an end to related litigation between the two companies.
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