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(Bloomberg) — European stocks pulled back from a record high, with indexes weighed down by energy producers falling alongside crude prices.
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The Stoxx Europe 600 Index ended lower by 0.3% on Thursday, snapping a five-day winning streak. Shell Plc, BP Plc and TotalEnergies SE slid more than 2.5% as Brent crude traded below $78 a barrel following the US-Iran interim peace deal.
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Weak IT services stocks also dragged on the market, with Capgemini SE falling 9% after Accenture Plc forecast less revenue because of AI upheaval and the Iran war.
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Thursday’s pullback comes after a run of gains in the European index as optimism builds that lower energy prices will deliver a boost to the economy and help to restrain inflation.
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Elsewhere, London’s FTSE 100 index fell 1% as the Bank of England left its main policy rate unchanged, as expected, but miners and homebuilders weighed. The BOE said the recent fall in oil prices was “encouraging,” even while two policymakers voted for an immediate quarter-point hike over concerns of persistent inflation.
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“The market excitement and relief earlier in the week around the deal between the US and Iran has been somewhat punctured after the latest round of central bank meetings,” said AJ Bell head of markets Dan Coatsworth.
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Among individual stocks, London Stock Exchange Group Plc fell 7% after Rothschild & Co. Redburn cut its rating to neutral from buy.
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French employee-benefits firm Edenred SE soared 17% after saying it had been approached by investment funds, following a report of takeover interest from BC Partners.
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—With assistance from Ruhell Amin, Olivia Levieux and Michael Msika.
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