European shares retreat from three-week high; oil shares in demand

LONDON, Dec 1 — European shares fell today in a broad-based sell-off, halting a two-day rally and retreating from the previous session’s three-week highs, led lower by drops in TalkTalk and Elekta.

The STOXX 600 was down 0.3 per cent by 0824 GMT, having climbed to its highest level since November 10 in the previous session.

Almost every sector was in negative territory. The exceptions were in the commodity space after oil producing countries came to a deal to limit oil output.

The STOXX Europe 600 Oil and Gas index was up 1.5 per cent, while the basic resources index was up 2.1 per cent, the only two sectors in positive territory.

Top faller was TalkTalk, down 8 per cent, after a downgrade by JP Morgan to “underweight” from “neutral”. British regulators also said they would look into rising landline prices.

Sweden’s Elekta was down 4.1 per cent after the medical equipment firm missed expectations with its results. — Reuters

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