Forexpros – European stock markets were lower after the open on Monday, as markets consolidated gains after European equities hit their highest level since late July on Friday, with investors looking to fresh data from the U.S. to gauge the strength of the global economy.
During European morning trade, the EURO STOXX 50 eased up 0.2%, France’s CAC 40 added 0.15%, while Germany’s DAX 30 rose 0.3%.
The mild losses in European stocks followed a subdued trading session in Asia, as investors paused to reassess the global economic outlook.
While positive economic data released last week in the U.S. pointed to further evidence of an improving economy, risks still remain outside the U.S.
Zhu Min, deputy managing director of the International Monetary Fund, said earlier that global economic growth will slow this year, with risks still to the downside as Europe’s financial markets remain fragile.
Shares in the financial sector came under pressure. Greece is expected to get an installment of an emergency international bailout later in the day. However, worries about Europe’s debt crisis remain, amid renewed concerns over the fiscal health of Spain and Portugal.
German lenders Deutsche Bank and Commerzbank saw shares slump 1.6% and 1.3% respectively, while shares in Italy’s Intesa Sanpaolo fell 1.5%.
Meanwhile, shares in French retail giant Carrefour dropped 2% after authorities in Central China ordered the company to temporarily shut an outlet store in the Henan province after a state-owned television network reported that the store sold expired chicken and labeled regular chicken.
On the upside, Dutch package shipper TNT Express rose 2% after U.S. shipping giant United Parcel Service said it has reached an agreement to acquire TNT in a deal valued at nearly EUR5.16 billion.
Elsewhere, London’s commodity-heavy FTSE 100 declined 0.45%, as financials tracked losses in their European counterparts.
Barclays shares retreated 1.55%, Royal Bank of Scotland slumped 1.3%, while Lloyds Banking Group and HSBC Holdings fell 1.2% and 1% respectively.
Losses in miners also weighed, as commodity prices declined on the New York Mercantile Exchange. BHP Billiton shed 0.7%, Rio Tinto dipped 0.5%, while copper producer Anglo American retreated 1%.
But shares in banking software developer Misys rallied 6.75% after San Francisco-based private equity firm Vista Partners agreed to acquire the company for nearly GBP1.27 billion.
In the U.S., equity markets pointed to a mildly lower open. The Dow Jones Industrial Average futures pointed to a drop of 0.15%, S&P 500 futures eased down 0.2%, while the Nasdaq 100 futures indicated a largely flat open.
Later in the day, the U.S. was to release industry data on home sales.
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