Europe stocks under pressure as JCDecaux, oil prices pull back

European stocks dropped Wednesday, with pressure on ad firm JCDecaux SA and brewer Carlsberg A/S pulling the market toward its first loss in three sessions.

The Stoxx Europe 600 gave up 0.6% to 334.29. The index on Tuesday closed up 0.9%.

In Wednesday’s session, JCDecaux shares slid 8.2%, facing their worst loss in seven years. Barclays and other banks downgraded its rating after the advertising giant’s quarterly outlook fell short of expectations.

Carlsberg A/G shares were down 2.2% after the Danish brewer recorded a 3% decline in first-quarter revenue. But the company did hold on to its full-year financial outlook.

On the upside, Deutsche Post AG shares rose 2.1% as the logistics company said consolidated net profit increased 29%.

Indexes: France’s CAC 40 dropped 0.9% to 4,301.24, and Germany’s DAX 30 DAX, -0.68% lost 0.5% at 9,996.10.

Italy’s FTSE MIB  fell 1.5% to 17,668.73, and Spain’s IBEX 35 was down 0.9% to 8,694.10. The U.K’s FTSE 100  lost 0.3% at 6,139.83.

Source: MarketWatch

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