Azernews.Az

By Bloomberg

Once again, European stocks are failing to hold on to the previous day’s gains in a week of wild swings.

The Stoxx Europe 600 Index slid 0.5 percent at 9:17 a.m. in London, reversing its advance for the week. Roche Holding AG and Sanofi dragged health-care shares lower, while carmakers Daimler AG and Volkswagen AG slid 1.1 percent or more. Germany’s DAX Index tumbled 0.8 percent, paring a weekly advance.

Europe’s benchmark gauge is poised for third weekly loss, down 0.3 percent. It has tumbled 9.1 percent in August, on course for the worst month since 2011.

The Stoxx 600 had daily moves of 1.7 percent or more in the past seven days. It plunged the most since 2008 on Monday as a selloff triggered by China’s currency devaluation spread. It recovered all of those losses as of yesterday, before tumbling anew. A gauge tracking volatility expectations for euro-area stocks has seen moves of 13 percent or more in four of the past five days. The VStoxx Index was little changed today.

Concerns about a slowdown in China have also hurt exporters in Switzerland. The Swiss Market Index slid 0.6 percent today, poised for the worst month since January, when the country’s central bank abandoned its franc cap. Now bears are paying the most since October to protect against further declines.

Miners and energy shares were the only groups to advance, with Glencore Plc up 2.8 percent and Seadrill Ltd. rallying 7.6 percent.