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European Stocks Halt Nine-Day Long Winning Streak -

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    • European Stocks Halt Nine-Day Long Winning Streak
Jul, 22nd 03:48

European stocks declined, snapping a nine-day winning streak, amid mixed earnings reports.

Novartis AG fell 2.1 percent after reporting lower sales, dragging a measure of health-related companies to the second-worst performance of the 19 industry groups on the Stoxx Europe 600 Index. French distiller Remy Cointreau SA slipped 2.5 percent after posting sales that missed analyst estimates.

The Stoxx 600 retreated 1 percent to 402.66 at the close of trading, after earlier rising as much as 0.3 percent. Shares extended losses in late-afternoon trading, as U.S. stocks declined amid disappointing results from IBM Corp. and United Technologies. The volume of shares changing hands on the Stoxx 600 was 19 percent lower than the 30-day average.

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