European Stocks Slip After Five-Day Winning Streak

European stock markets broke a five-day winning streak on Thursday, a day after data showed the euro zone escaped an 18-month recession in the second quarter.

The Stoxx Europe 600 index dropped 0.4% to 307.41, erasing a 0.3% gain seen on Wednesday. Shares of Zurich Insurance Group AG lost 2.9% after the company reported a 27% decline in net income for the second quarter. Shares of Hennes & Mauritz AB shaved off 1.3% after the fashion retailer posted a 1% drop in comparable sales. GlaxoSmithKline PLC fell 0.9% after Morgan Stanley cut the drug maker to underweight from equal weight.

Among country-specific indexes, the U.K.’s FTSE 100 index fell 0.4% to 6,561.90. France’s CAC 40 index dropped 0.3% to 4,100.77, while Germany’s DAX 30 index gave up 0.5% to 8,394.18.

Source : Marketwatch