By Sruthi Shankar
(Reuters) - European equities declined on Thursday as London stocks were sapped after Glencore scrapped its dividend and oil stocks slid, while investors kept a close eye on Washington for progress on U.S. stimulus.
The pan-European STOXX 600 index <.STOXX> closed 0.7% lower, with London's FTSE 100 <.FTSE> falling 1.3% and the German DAX <.GDAXI> down 0.5%.
Europe's mining index <.SXPP>, which rallied earlier this week, shed 2.5% after Glencore
Its shares slumped 8.1%, while energy majors BP
Wall Street indexes were largely flat, stalling near record levels as U.S. Democrats and White House officials struggled to work out a stimulus package for the coronavirus pandemic-stricken economy.
"Progress has been made but doubts are creeping if a deal will be reached before another week passes," Edward Moya, a senior market analyst at Oanda wrote in a note.
London's exporter-heavy FTSE 100 also took a hit from a stronger pound after the Bank of England (BoE) saw no immediate case to cut interest rates below zero even as it said the economy would take longer to recover from its COVID slump than it previously forecast. [GBP/]
"This is another positive signal at a time of still considerable uncertainty," said Chris Bailey, European strategist at Raymond James. "Conditions are still extremely difficult, and subject to negative revision, but today they have seen a chink of light."
German stocks posted relatively small losses as engineering group Siemens
Adidas
Among the fallers, French insurer AXA
UniCredit
Lufthansa
Of the 65% of the STOXX 600 companies that have reported results so far, nearly 60% have exceeded dramatically lowered estimates, Refinitiv Eikon data shows.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Barbara Lewis)