European Stocks Close Mixed as EU Plans Retaliatory Tariffs on US Goods

By Investors Hub

European stocks are holding steady in cautious trading on Monday amid reports the European Union is considering hitting U.S. goods with retaliatory tariffs to the tune of 10.2 billion euros ($11.5 billion), escalating a tariff war over disputed aviation subsidies.

While the U.K.?s FTSE 100 Index is down by 0.1 percent, the French CAC 40 Index and the German DAX Index are both up by 0.1 percent.

Banks have rallied ahead of the release of quarterly results from a number of big U.S. banks this week.

IG Group Holdings has also moved sharply higher. The multi-platform trading company said its Chairman Andy Green intends to resign at the company’s annual meeting in September 2019.

Italian media group Mediaset as well as its German rival ProSiebenSat.1 Media has also risen on merger speculation.

French advertising and public relations company Publicis Groupe has jumped after it agreed to buy digital marketing firm Epsilon from Alliance Data Systems Corp. for $4.4 billion in cash.

Norsk Hydro has also moved to the upside after it won further support for its bid to resume full output from its Alunorte alumina refinery in Brazil.

Meanwhile, miners have fallen on profit taking after recent strong gains. Rio Tinto has slumped after it committed $302 million of additional capital to advance its Resolution Copper project in the US state of Arizona.

Acacia Mining has also fallen after its gold production in the first quarter declined 13 percent, mainly due to lower production at North Mara and Buzwagi.

Daimler has also moved to the downside. The German luxury carmaker denied media reports that it quietly removed emission-test-cheating software from a range of Mercedes GLK 220 CDI diesel models.