European stocks fell slightly in choppy trade on Monday despite another record close on Wall Street Friday and positive cues from Asia after Chinese GDP data beat estimates.
China’s GDP grew 6.9 percent year-on-year in the second quarter of 2017, the National Bureau of Statistics said . That was unchanged from the previous quarter and exceeded expectations for a rise of 6.8 percent.
Closer home, final data from Eurostat showed that Eurozone inflation slowed to a 6-month low in June as estimated. Inflation eased slightly to 1.3 percent in June from 1.4 percent in May. The rate came in line with the flash estimate published on June 30.
Another report from property website Rightmove revealed that U.K. house prices increased only marginally in July as subdued wage growth weighed on affordability. Asking prices edged up 0.1 percent in July from June. On a yearly basis, house prices advanced 2.8 percent.
The pan-European Stoxx Europe 600 index was down 0.15 percent at 386.25 in late opening deals after closing 0.2 percent higher on Friday.
The German DAX was declining half a percent and France’s CAC 40 index was losing 0.3 percent while the U.K.’s FTSE 100 was moving up 0.2 percent.
Swedish medical technology firm Getinge slumped 7 percent after its second-quarter core earnings fell below analysts’ estimates.
German food-processing machinery maker GEA tumbled 6 percent after cutting its 2017 profit guidance.
German automakers were subdued after reports that the country is considering “effective measures” to cut pollution from diesel engines.
On the positive side, Norway’s Telenor soared 8 percent after the telecoms firm raised its outlook for 2017 earnings margins.
Weir Group shares also jumped 8 percent in London. The pumps manufacturer upgraded its outlook for the group’s full-year performance, citing an accelerated recovery in the Northern American oil and gas markets.
AstraZeneca rallied nearly 2 percent after the pharmaceutical firm said chief executive Pascal Soriot will host a call with analysts on second-quarter earnings at the end of the month as planned.
Broadcaster ITV climbed 3 percent as it appointed the boss of EasyJet, Carolyn McCall, as its new chief executive.
Miner Anglo American rallied 2.1 percent, Antofagasta advanced 1.5 percent and Glencore gained 1.7 percent as copper hit its highest level in two weeks, supported by a weaker dollar and upbeat GDP data from China.
by RTT Staff Writer
For comments and feedback: email@example.com