By Emily Horton
Europe’s markets were mostly down on Monday, with banks leading the decliners and investors slightly more cautious amid a smattering of downbeat earnings news.
Swiss bank Julius Baer Gruppe AG tumbled after announcing series of cost cutting measures.
How did markets perform?
The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.53% slipped 0.1% to 359.23 after finishing up 0.5% last week.
France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.66% fell by 0.5% to 4,991.91, while Spain’s IBEX fell 0.8% to 8,942.60 and Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -0.39% fell by 0.3% to 11,143.88. Italy’s FTSE MIB Italy index /zigman2/quotes/210598024/delayed IT:I945 -0.13% remained flat.
Meanwhile, the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.79% was Europe’s biggest gainer, adding almost 0.3% to 7,039.09.
The euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.1013% fell to $1.1473 from $1.1459 late Friday in New York and the pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.4331% dropped to $1.3042 from $1.3082.
What’s driving the markets?
Most European stocks were treading water, though a smattering of downbeat economic data was noted. Data in Spain showed rising jobless levels in January after two months of declines. Banks and autos were the biggest decliners in Europe.
While a few oil majors rose, mining stocks fell after data released over the weekend showed slower growth in China’s service sector in January, contrasting with official data that pointed to a faster expansion in the sector. Mining stocks are particularly sensitive to news on China’s economy given the country is a major buyer of natural resources.
What shares were active?
Other European banks also fell on Monday, Banco de Sabadell SA /zigman2/quotes/206753237/delayed ES:SAB -2.56% dropped 5% and Danske Bank /zigman2/quotes/209678580/delayed DK:DANSKE -0.52% dropped by 2%.
Wirecard AG /zigman2/quotes/201427212/delayed DE:WDI 0.00% gained 14% after an investigation found no conclusive evidence of criminal misconduct, after allegations were made in a Financial Times article published on Friday.
London-listed Ryanair Holdings PLC /zigman2/quotes/202851567/delayed UK:RYA +0.42% lost nearly 3%, after it laid out plans for leadership succession as it swung to a third-quarter net loss. Despite changes to the board, the budget airline’s CEO Michael O’Leary will remain in his role.