European trading day starts with losses

Tuesday, 24. May 2016 09:10

In the stock markets across Europe the trading day began with caution, following a subdued sentiment in Asia, where all the major indexes were lower. Investors will be looking into latest economic data and monitor movements in oil prices, which are falling for the second day in a row. The Eurogroup meeting starts at 2:00 p.m. CET, with the European Union's finance ministers meeting ahead of the Ecofin council on Wednesday: Greece bailout will dominate the agenda.

Here's the first look at the boards: The pan-European Stoxx 600 index lower 0.29% and the Euronext 100 opened lower 0.31%. Banks, technology, telecom sectors were leading in losses, while oil and gas sector was rising.

In Frankfurt, the DAX index opened down at 9,798 points and fell 0.62%. German economy expanded by 0.7% for the quarter, according to Destatis. The ZEW survey of German and European economic sentiment is expected at 11:00 a.m. CET. Bayer was the only gainer, and Daimler, Deutsche Bank and SAP declined over 1% each.

The French CAC 40 opened 0.40% lower at 4,309 points. Total, Technip, ArcelorMittal and Vinci were the best, while LafargeHolcim, Peugeot, Nokia and Renault Paribas were the worst performers.

Across La Manche, the FTSE 100 started 0.31% lower at 6,115 points. Kingfisher, Imperial Brands and Tesco were gaining, while Coca-Cola HBC, Merlin Entertainment and Dixons Carphone were losing.

The Italian FTSE MIB opened 0.34% lower at 17,273 points. Banks were mostly on the winning side, while Telecom Italia and Mediaset were declining.

The Swiss Market Index saw a 0.64% fall on open at 7,982 points. Decliners: Swatch, ABB, Julius Baer. Advancers: Actelion, Novartis, Swiss Life.

The Austrian ATX opened 0.19% at 2,201 points. The presidential elections ended with Greens-backed Alexander Van der Bellen winning over right-wing candidate 

Oil prices: Brent fell 0.80% to $48.56 a barrel, and WTI dropped 0.79% to $47.75 a barrel at ICE Europe by 9:02 a.m. CET.

The euro fell 0.12% against the U.S. dollar, and was 0.03% weaker compared to the Japanese yen. The currency lost 0.02% against the Swiss franc and dropped 0.14% versus the British pound by 9:14 a.m. CET. Gold fell 0.39% to $1,243.96 per troy ounce.

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Breaking the News / ZR