(Bloomberg) — European stocks retreated with the auto sector leading losses following BMW’s outlook cut. Investors were also cautious ahead of US inflation data and the European Central Bank’s meeting.
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The Stoxx Europe 600 Index dropped 0.5% by the close. The autos sector fell 3.8% to the lowest in almost a year as BMW flagged component supply issues. Energy and banks also declined, while real estate, and food and beverage outperformed.
Capgemini shares jumped after Bank of America Corp. analysts upgraded the IT firm to buy from neutral, saying the risk of a guidance reset had played out following a profit warning in July.
After advancing last month, the Stoxx 600 has stumbled again in September as weak economic data rekindled worries about a recession. Sectors linked to the economic cycle — or so-called cyclicals — have underperformed…
