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European Stock Indices Drift Lower; Banks Recover After Selloff

European stock indices moved lower on Wednesday as a brighter-than-estimated gauge of the eurozone economy made it marginally less likely that the bloc's central bank will cut rates anytime soon.

Markit Economics' updated composite purchasing managers' index for the eurozone came in at 53.2 in July, above the 52.9 "flash" estimate of July 22, and higher than the 53.1 reading in June. The survey adds to recent evidence the eurozone economy is holding up well after the...