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Stocks - European Markets Little Changed Amid German Developments

Published 01/22/2018, 03:46 AM
Updated 01/22/2018, 03:46 AM
© Reuters.  Frankfurt Stock Exchange

© Reuters. Frankfurt Stock Exchange

Investing.com - European markets were little changed on Monday, as investors focused on fresh political developments in Germany and continued to digest the U.S. government shutdown which was about to enter its third day.

The EURO STOXX 50 added 0.07%, France’s CAC 40 dipped 0.06%, while Germany’s DAX 30 was up 0.01% by 03:40 a.m. ET (07:40 GMT).

Sentiment improved after the Social Democratic Party on Sunday agreed to enter into talks with Chancellor Angela Merkel's Christian Democrats.

Elsewhere, the U.S. government shut down at midnight on Friday after Democrats and Republicans failed to agree on a last-minute deal to fund government operations.

Republican and Democratic leaders of the U.S. Senate held talks on Sunday with hopes of breaking the impasse.

Financial stocks were broadly lower, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) slid 0.37% and 0.39%, while Germany's Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) fell 0.19% and 0.41%.

Among peripheral lenders, Italy's Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) slipped 0.13% and 0.34% respectively, while Spanish bank BBVA (MC:BBVA) edged down 0.12%.

Elsewhere, Thyssenkrupp (DE:TKAG) tumbled 1.43% after rallying over 4% on Friday when management pledged to adapt its strategy following poor returns and increasing dissent from shareholders. The remarks came at the steelmaker's annual general meeting.

On the upside, shares in Deutsche Telekom (DE:DTEGn) climbed 0.74% after Chief Financial Officer Thomas told reporters the company will keep to its promise of hiking dividends in 2018 and the following years.

In London, FTSE 100 dipped 0.03%, weighed by Carnival (LON:CCL), whose shares lost 1.21% following news a woman on a cruise ship headed for the Bahamas died after falling from her cabin's balcony on Friday.

GKN (LON:GKN) added to losses, with shares down 0.55%. In a move to underline its potential as an independent company in the face of a hostile takeover offer from Melrose Industries, the company sharply lifted its forecast for growth in the electric driveline business on Sunday.

Dixons Carphone (LON:DC) was down 0.54% after the retailer cut the top end of its full-year profit guidance on Monday.

Meanwhile, financial stocks were mixed. Shares in Lloyds Banking (LON:LLOY) gained 0.36% and Barclays (LON:BARC) jumped 1.75%, while the Royal Bank of Scotland (LON:RBS) slid 0.37% and HSBC Holdings (LON:HSBA) declined 0.44%.

Mining stocks were also mixed on the commodity-heavy index, as Rio Tinto (LON:RIO) inched up 0.06% and Glencore (LON:GLEN) added 0.17%, while BHP Billiton (LON:BLT) and Fresnillo (LON:FRES) fell 0.22% and 0.39% respectively.

Shire plc (NASDAQ:SHPG) was one of the top performers, with shares up 1.72%.

In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.15% fall, S&P 500 futures signaled a 0.07% downtick, while the Nasdaq 100 futures indicated a 0.03% gain.

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