European Stocks Fall on Earnings While Banks Lose Laggards’ Spot

  • Lenders in benchmark Stoxx 600 trade near five-month high
  • Novo Nordisk, AB InBev tumble after cutting forecasts

European Stocks Complete a Week of Losses

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An avalanche of earnings announcements added to concerns about the health of European companies, with the region’s shares slipping for five days straight. For banks, though, the week was good: They’re no longer the year’s worst-performing industry.

While results at companies from Novo Nordisk A/S to Anheuser-Busch InBev NV disappointed investors, UBS Group AG was among the lenders that reported better-than-projected earnings. The region’s banks rallied more than any other industry group this week, losing their spot as biggest decliners of the year. A gauge tracking the industry moved in opposite directions to the benchmark Stoxx Europe 600 Index for a third week out of four.