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Feb. 27, 2017, 12:05 p.m. EST

European stocks close lower, hurt by falls for Deutsche Börse, PostNL

Investors world-wide await key Trump speech on Tuesday

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By Victor Reklaitis, MarketWatch


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European stocks closed with a small loss on Monday, as drops by Deutsche Börse AG, Direct Line Insurance Group PLC and PostNL NV weighed on the region’s main benchmark.

Investors appeared to avoid big bets ahead of a key speech Tuesday by U.S. President Donald Trump, who has been credited with sparking a global rally but hasn’t yet detailed his plans for boosting the world’s largest economy.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.78%  dipped by 0.1% to end at 369.52, adding to last week’s retreat. The index last week rose to its strongest level since December 2015, but then finished the week down by 0.1%.

Investors have been looking ahead to Trump’s address to a joint session of Congress, said Michael Hewson, chief market analyst at CMC Markets UK, in a note Monday.

“For about three weeks now markets have been awaiting further details on the so-called ‘phenomenal’ tax plan that the president promised us,” Hewson said.

Individual movers: Deutsche Börse  and London Stock Exchange PLC’s  shares fell by 3.8% and 1.1%, respectively, as their planned megamerger looked less likely after the LSE said late Sunday it wouldn’t sell its majority-owned fixed-income trading platform in Italy to appease antitrust concerns over the deal.

Direct Line Insurance Group PLC /zigman2/quotes/201952264/delayed UK:DLG -1.90%  was another big loser, sliding 7.2% after the insurer said a change to a key rate will cut into its profit.

PostNL’s stock /zigman2/quotes/202156074/delayed NL:PNL -0.72%  closed down 7.4% after the Dutch mail company reportedly delivered underlying earnings that fell short of expectations .

Associated British Foods PLC /zigman2/quotes/204493701/delayed UK:ABF -1.09%  fell 0.9%. The company’s shares initially had risen after it projected a rise in sales at his clothing unit, Primark, but the gain evaporated.

On the upside, Bunzl PLC /zigman2/quotes/201880362/delayed UK:BNZL -2.16%  closed higher by 3.4% after the supplier of disposable products reported a gain in full-year pretax profit.

Economic news: A February reading on economic sentiment in the eurozone showed businesses grew more optimistic about their prospects in February.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.5011%  was trading at $1.0628, up from $1.0561 late Friday.

Read : 6 ways Europe could trigger market turmoil in 2017

National indexes: The U.K.’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.31% rose 0.1% to close at 7,253.00, while France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.82%  finished roughly unchanged at 4,845.18.

See: The pound faces risk from possible 2nd Scottish referendum

Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -0.97%  tacked on 0.2% to end at 11,822.67.

/zigman2/quotes/210599654/delayed
XX : STOXX
408.68
-3.23 -0.78%
Volume: 0.00
March 5, 2021 11:03p
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/zigman2/quotes/201952264/delayed
UK : U.K.: London
320.40 p
-6.20 -1.90%
Volume: 2.82M
March 5, 2021 4:35p
P/E Ratio
11.50
Dividend Yield
2.31%
Market Cap
£4.42 billion
Rev. per Employee
£317,172
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/zigman2/quotes/202156074/delayed
NL : Netherlands: Euronext Amsterdam
3.60
-0.03 -0.72%
Volume: 7.34M
March 5, 2021 5:36p
P/E Ratio
8.34
Dividend Yield
N/A
Market Cap
€1.79 billion
Rev. per Employee
€79,894
loading...
/zigman2/quotes/204493701/delayed
UK : U.K.: London
2,356.00 p
-26.00 -1.09%
Volume: 772,728
March 5, 2021 4:35p
P/E Ratio
40.87
Dividend Yield
0.00%
Market Cap
£18.82 billion
Rev. per Employee
£104,624
loading...
/zigman2/quotes/201880362/delayed
UK : U.K.: London
2,178.00 p
-48.00 -2.16%
Volume: 629,548
March 5, 2021 4:35p
P/E Ratio
17.01
Dividend Yield
2.37%
Market Cap
£7.43 billion
Rev. per Employee
N/A
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.1913
-0.0060 -0.5011%
Volume: 0.0000
March 5, 2021 4:59p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,630.52
-20.36 -0.31%
Volume: 997,627
March 5, 2021 4:59p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,782.65
-48.00 -0.82%
Volume: 99,553
March 5, 2021 6:05p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,920.69
-135.65 -0.97%
Volume: 89,791
March 5, 2021 6:30p
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Victor Reklaitis is a London-based markets writer for MarketWatch. Follow him on Twitter @VicRek.

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