(Bloomberg) -- European stocks gained for the fifth time in six sessions as energy and natural-resources shares rose following an increase in commodity prices, offsetting a decline in carmakers.
The Stoxx Europe 600 Index rose 0.2 percent at the close. Renault SA and BMW AG paced declines in carmakers after data showed disappointing March sales in the U.S. auto industry. Energy firms and miners were the best performers as oil sold for the highest price since early March.
- The Stoxx 600 fell 0.5 percent yesterday, dragged lower by industry groups that rallied the most in the aftermath of the U.S. election. The benchmark last week capped its longest run of quarterly gains since 2014.
- The U.S. auto data are weighing on investor sentiment, as “car sales typically have a strong correlation with stock markets,” Jasper Lawler, an analyst at London Capital Group, wrote in a note. “Falling car sales cannot cause a bear market but it's another leading indicator that downside risks are rising.”
- Seadrill Ltd. slumped 38 percent after warning that its shareholders and bond investors can expect steep losses as the firm reached an agreement to extend restructuring talks.
- U.S. economic data showed a decline in factory orders in February.
--With assistance from Elena Popina
To contact the reporter on this story: Aleksandra Gjorgievska in London at agjorgievska@bloomberg.net.
To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Namitha Jagadeesh, Richard Richtmyer
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