Europe Stocks Steady As Rise In Banks Offsets Drop In Oil Firms

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European equities ended the session little changed as an advance in travel companies offset a retreat in basic resources firms.

The Stoxx Europe 600 Index advanced 0.1 percent at the close after rising as much as 0.4 percent earlier in the day. Danone led food and beverage shares higher, rising 1 percent after people familiar with the matter said activist fund Corvex Management has >built a stake in the yogurt maker because it views it as significantly undervalued.

Stocks fell last week amid an escalating war of words between the leaders of the U.S. and North Korea. A surge in U.S. stock volatility has made European derivatives look like >bargains again. Euro Stoxx 50 Index options have become the cheapest since January 2016 relative to those on the S&P 500 Index.

  • Basic resources stocks fell below their 200-day moving average following weak Chinese housing data on Monday.
  • The Stoxx 600 posted its biggest back-to-back advance in a month, following its worst weekly decline since November. A report by the Korean Central News Agency said Kim Jong Un >will watch the U.S.’s conduct “a little more,” indicating fading risks of a threatened missile attack on Guam.
    • The VStoxx Index of euro-area volatility fell for a second day, down 23 percent since a three-month high reached Friday.
  • A release showed the German economy >expanded 0.6 percent in the second quarter, extending its growth spurt ahead of a Sept. 24 federal election.
  • On Wednesday, the Federal Open Market Committee will issue minutes from its July policy meeting that may hold clues about the timing of the Federal Reserve’s next rate increase.

— With assistance by Cecile Vannucci, and Elena Popina

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