European markets open week mixed

Monday, 23. May 2016 09:10

Stock markets in Europe started the trading week giving away a mixed picture. Earlier, weaker export data in Japan put a pressure on the stock market. Oil prices were on falling path mostly on stronger U.S. dollar but also on strong oversupply.

The pan-European Stoxx 600 edged down 0.03%, while the Euronext 100 index opened 0.17% lower.

In Frankfurt, the DAX opened visibly higher, up 1.23% at 9,878 points, but then started falling. Infineon, Adidas and Allianz took early lead in gains, while Deutsche Bank, Volkswagen and ThyssenKrupp edged down around half a per cent. Bayer placed a $62 billion offer to buy Monsanto, sending its shares down 2.87%.

The French CAC 40 dropped 0.30% to open at 4,344 points. CAP gemini, Noki, Vinci and Michelin were the best performs, while Carrefour, Air Liquide and ArcelorMittal dropped on open.

Across the Channel, the FTSE 100 fell 0.04% to open at 6,154 points. Early advancers: Royal Mail, Arm Holdings, Randgold Resources. Decliners: Anglo American, Inmarsat, BHP Billiton, Rio Tinto, Glencore.

In Milan, the FTSE MIB jumped 1.72% opening at 17,500. ST Microelectronic was the only gainer, while banks pulled the index down. Fiat dropped 4.36% following reports of emission rigging practice, similar to Volkswagen's Dieselgate.

In Switzerland, the SMI Swiss Market Index rose 0.15%, opening at 8,012 points. Novartis, Adecco and Swiss Re advanced, while Richemont, Swatch and Credit Suisse declined.

Oil prices were falling. Premium international blend Brent lost 1.07% to $48.23 a barrel, and West Texas Intermediate fell 1.36% to $48.70 a barrel at ICE Europe by 9:10 a.m. CET.

The euro added 0.09% against U.S. dollar, and was 0.15% stronger compared to the British pound, and edged down 0.01% versus the Swiss franc by 9:20 a.m. CET.

Related Links: Bayer AG
Author:
Breaking the News / ZR