Modupe Gbadeyanka
By Investors Hub
European stocks are turning in a mixed performance on Monday as traders look ahead the Fed and Bank of England policy meetings this week, although expectations for any shift in policy are low.
Notable strength is visible among banking stocks after German lenders Deutsche Bank and Commerzbank said they were in talks to merge.
While the German DAX Index has fallen by 0.3 percent, the French CAC 40 Index is just above the unchanged line and the U.K.?s FTSE 100 Index is up by 0.6 percent.
The advance by U.K. stocks comes amid a weaker pound ahead of another meaningful vote on Prime Minister Theresa May’s Brexit deal on Tuesday.
The U.K. government has warned that it might not hold the planned Brexit vote unless it feels it can secure a win that avoids a lengthy delay to pulling out of the EU.
Deutsche Bank and Commerzbank have moved sharply higher after the banks confirmed they are in discussions over a potential merger.
Thyssenkrupp has also rallied after its plant engineering business won a major order from the Egyptian chemical and fertilizer manufacturer NCIC.
Norwegian aluminum company Norsk Hydro ASA has also advanced after it appointed Hilde Merete Aasheim as its new President and CEO.
On the other hand, automotive cable and wiring system specialist Leoni has plunged after scrapping its 2019 profit target and unveiling job cuts.
Novartis has also moved to the downside. Alcon, the global leader in eye care and a division of Novartis, has acquired PowerVision, Inc., a privately-held, U.S.-based medical device development company focused on creating fluid-based intraocular lens implants.
