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MW: European stocks fall, on track to break winning streak
 
LONDON (MarketWatch) — European stocks moved lower Wednesday, taking a breather after a six-session run of gains that have pushed the benchmark index to a seven-year high.

The Stoxx Europe 600 SXXP, -0.09% slipped 0.2% to 386.59, with the energy, consumer goods, financial and telecom sectors all logging losses. The pan-European benchmark on Tuesday finished up 0.6% at 387.25, marking the highest close since October 2007.

European stocks on Tuesday pushed higher during afternoon trade after U.S. Federal Reserve Chairwoman Janet Yellen indicated the central bank wasn’t in a rush to raise interest rates. As well, equities climbed as Greece moved closer to finalizing an extension of its bailout agreement.

Despite their recent rally, stocks in Europe “look alluringly inexpensive relative to their peers, with the region trading at a record discount to U.S. stocks on a 5-year through the cycle [price-earnings] basis since 1970,” said Matt Sherwood, head of investment markets research at Perpetual, in a note late Tuesday.

On the major indexes, Germany’s DAX 30 DAX, +0.00% was off 0.1% at 11,198.90. It closed Tuesday’s session with its 16th record closing high of the year. France’s CAC 40 PX1, -0.15% shed 0.1% to 4,883.22.

The U.K.’s UKX, -0.25% fell 0.3% to 6,930.31, backing off from Tuesday’s advance, which marked the index’s best closing level since December 1999. In London, shares of Weir Group PLC WEIR, -10.04% tumbled 9.7% after the energy-engineering firm warned of lower profit margins and revenue this year as commodity prices have dropped.

Weir shares were the worst performing on both the FTSE 100 and the Stoxx 600.

Also trading at the bottom of the Stoxx 600 were shares of Greece’s Piraeus Bank SA TPEIR, -7.04% and National Bank of Greece SA ETE, -4.17% down by 6.6% and 3.5%, respectively, after surging in the previous session.

While Greece on Tuesday won approval to extend its €240 billion ($273 billion) bailout package from eurozone finance ministers, German newspaper Rheinische Post reported that some lawmakers in Germany’s parliament may vote against the deal on Friday. Meanwhile, some of Greece’s creditors have raised questions about the reform proposals Greece has offered in exchange for the extension. Read: Doubts shadow deal to extend Greek bailout.

Greece’s Athex Composite GD, +0.02% shed 0.2% to 936.30, after leaping 9.8% on Tuesday.

In Russia, the Micex index XX:MCX fell 1.9% to 1,738.46. Russia’s Foreign Minister Sergei Lavrov has said there are many in Kiev who want to break a cease-fire agreement with Ukraine, according to Russian media reports.

Advancers on the Stoxx 600 included A.P. Moeller-Maersk A/S MAERSKB, +6.60% , rising 7% after the Danish conglomerate said it’s selling a 20.05% stake in Danske Bank A/S DANSKE, -0.45% Maersk will return the money raised from the stake sale to shareholders. Maersk on Wednesday also posted a 2014 profit of $5.02 billion, which fell slightly short of market expectations.
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