European Stocks Move Modestly Lower on Monday
By Investors Hub
European stocks have moved modestly lower on Monday as a weaker dollar offset investor optimism over easing trade tensions between the U.S. and China as well as signs of political stability in Italy.
While the German DAX Index has fallen by 0.4 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both down by 0.2 percent.
The euro has edged higher for a third consecutive session after European Central Bank policy maker Francois Villeroy de Galhau said the end of net asset purchases by ECB is approaching and that whether it will be in September or December is not a deep existential question.
Dutch bank ABN Amro has tumbled after reporting a 3 percent drop in first quarter profits due to loan impairments.
Airbus shares have also dropped. The aerospace and defense major said that its Chief Financial Officer, Harald Wilhelm has decided to leave the company in 2019.
Meanwhile, EDP shares have jumped after China’s state-owned utility China Three Gorges launched an all-cash tender offer to take control of the Portuguese power firm. Platinum miner Lonmin has also after narrowing its first-half loss.
IWG shares have rallied as much as 21 percent. The world’s biggest serviced office provider said that it is mulling takeover offers from three rival suitors.
Troubled Italian lender Monte dei Paschi has climbed after posting solid earnings for the first quarter, helped by lower-than-expected NPA provisions.