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2015.03.0208:24:42UTC+00European stocks retreat from seven-year high dragged by energy stocks

European stocks ended its stay at its highest mark since 2007 after energy shares plummeted.

The Stoxx Europe 600 Index shed 0.2% to 391.22 in London. UK’s FTSE 100 rose by 0.3% to 6,968.92 in London while Ireland’s ISEQ Index was steady. Germany’s DAX Index added 0.04% or 5.12 points to 11,406.81. France’s CAC 40 Index and Spain’s IBEX 35 Idx declined by 0.62% or 30.76 points to 4,920.50 and 0.12% or 13.80 points to 11,164.90 respectively.

A group of energy stocks retreated from a three-month high dragged by the fall in oil prices.

UK stocks hit record highs after a month of constant rise after China cut it interest rates spurring a rally in miners. The People’s Bank of China cut its benchmark index rate by a quarter percentage point last Saturday. It is the second time the central bank had reduced benchmark interest rates in three months with the intention of supporting economic growth. 

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