Europe Markets: Longest winning run in 14 years ends as European stocks slip


The longest winning stretch in 14 years ended on Monday as European stocks slipped.

The Stoxx Europe 600

declined 0.5%, after having closed higher for 10 consecutive trading days. The European index had not registered that achievement since a run that ended on Dec. 15, 2006.

That said, the index has edged up just 3% during this 10-day stretch. It’s up 19% this year.

Of the major regional indexes, the German DAX

declined 0.3%, the French CAC 40

declined 0.8% and the U.K. FTSE 100

slumped 0.9%.

The European stock decline came after China released disappointing economic data. That put pressure on luxury-goods makers including Kering

and miners including Rio Tinto


was a rare gainer, jumping 12% after its €6.7 billion deal for rival Hella
which fell over 3%.

Faurecia will first buy a 60% stake from Hella’s majority owners, and then tender for the remainder.

“With no minimum acceptance threshold set and Faurecia acquiring the voting majority from the owning family, we expect that neither Faurecia will raise its offer nor that another bidder will make a higher one,” said analysts at Stifel led by Alexander Wahl. The offer values Hella at 12 times enterprise value-to-EBITDA, they said.

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