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Europe: Stocks fall first time in 5 days

Tuesday, July 18, 2017 - 16:08

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[LONDON] European stocks fell as investors bet a stronger currency will drag on exporters' earnings, and miners snapped a six-day winning streak.

The Stoxx Europe 600 Index lost 0.4 per cent at 8.17am in London. The euro strengthened to its highest level in 14 months as a setback for US President Donald Trump's economic agenda weakened the dollar, just as the European Central Bank prepares for its two-day monetary policy meeting this week.

Miners were the biggest decliners on the Stoxx 600, sliding from their highest level in three months.

Some shares were active on earnings updates:  Ericsson AB tumbled 8.3 per cent after its quarterly profitability and sales were weaker than expected. Rival Nokia Oyj lost 2.3 percent. Zalando SE slid 6.7 per cent after the German online retailer indicated that second-quarter earnings will fall short of expectations.  Software AG rose 1.8 per cent after increasing its full-year profitability forecast.

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Market voices on:

British American Tobacco Plc, which gets almost a third of its sales from the Asia Pacific region, fell 1.3 per cent after India raised levies on tobacco products.

US Senate Majority Leader Mitch McConnell abandoned efforts to pass a broad Republican-only replacement of Obamacare, casting a cloud on Mr Trump's economic reform plans.

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