European stocks lose strength; pound eyes rebound

Monday, 27. February 2017 11:00

Equities in main European markets surrendered early gains on Monday and mostly traded mixed close to the neutral level. Some of the downbeat sentiment came with news that a merger of London Stock Exchange Group and Deutsche Boerse is unlikely, while Intesa Sanpaolo revealed it gave up on the bid for Assicurazioni Generali. Sterling recovered most of the early losses and started to exert pressure against the valuations of stocks in London. 

The DAX was 0.06% higher, while the CAC 40 was 0.16% below the flat line (both 10:38 am CET). The 3.58% rally in Adidas was more than offset by a slump in the German market's operator, by 4.45%. In Paris, TechnipFMC and Klepierre were the worst performers, losing 1.53% and 1.18%, respectively. At the same time, the FTSE 100 was 0.24% in the green. Bunzi climbed toward the top of the chart with a 1.84% gain. Direct Line Insurance nosedived 6.9% and Admiral Group fared second-worst with 4.11% in negative territory. LSE Group was 3.2% down.

The FTSE MIB countered the trend, holding 0.64% higher. Intesa soared 5.11%, while Generali was one of the worst stocks in the continent for the day, losing 4.4%.

The pound was 0.23% down at $1.2429. The euro gained 0.47% versus the British counterpart, buying £0.85184 at 10:58 am CET.

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Breaking the News / IT