European Stocks Slip Despite Fourth Consecutive Monthly Gain, Telecom and Insurance Shares Lead Declines

European stocks slipped 0.5% at the end of the week, trimming their fourth consecutive monthly gain. The Stoxx Europe 600 Index is up 2.5% in October and 13% year-to-date. Telecom and insurance shares led declines, while oil and gas stocks pared losses after reports of US strikes in Venezuela. Telefónica fell 1.8%, and Erste Group Bank jumped to a record. Odds of a year-end rally have improved, with Barclays strategists noting November and December are the best months for European equity returns and inflows.