2017.04.2706:22:00UTC+00European Stocks Retreat as Miners Decline Ahead of ECB Meeting

European stocks ended their six day rally as investors braced for the European Central Bank's policy decision and President Mario Draghi's comments on the outlook for the stimulus program.

The Pan-European Stoxx 600 Index dropped 0.5 percent, weighed down by media and mining stocks.

The benchmark index on Wednesday completed its longest winning streak since Feb. 15 in a rally spurred by optimism regarding the first-round results of the French presidential election. The jump pushed its 14-day relative strength index to a 15-week peak and above the level that indicates to analysts that its components are overbought.

The basic-resources sector fell one percent, led by miners which includes Glencore Plc and Rio Tinto Group, as metals prices dropped.

German lender Deutsche Bank tumbled three percent, the most in three weeks, as its return to growth failed to keep pace of CEO John Cryan's promise. The 4.7 percent decline in Banco Popular shares also contributed to underperformance in European banks, which fell 0.3 percent.

Results from Lloyds raised the British lender, higher by 3.8 percent after its first-quarter profit exceeded expectations of a post-Brexit decline.

Insurers were also among the worst performing sectors, pressured by Legal & General share that dropped five percent after Credit Suisse gave it an underperform rating, and Munich Re going ex-dividend.