European shares fell slightly on Monday as investors locked in some profits after strong gains last week on hopes of a swift economic recovery from the coronavirus pandemic.
While Chinese trade data proved to be a mixed bag, data from Destatis showed that German industrial production declined at the fastest rate since the series began in 1991.
Industrial output decreased 25.3 percent year-on-year in April, following an 11.3 percent fall in the previous month. This was the biggest fall on record.
Month-on-month, industrial production plunged 17.9 percent versus a revised 8.9 percent drop in March. Economists had forecast a monthly fall of 16 percent.
Eurozone Sentix Investor Confidence improved to -24.8 in June from -41.8 in May.
The pan European Stoxx 600 slipped 0.15 percent to 374.83 after climbing 2.5 percent on Friday.
The German DAX and France’s CAC 40 index were down about 0.2 percent, while the U.K.’s FTSE 100 was rising 0.4 percent amid reports that the government is considering a plan to speed up lockdown measures in England.
Pubs and restaurants are expected to reopen again two weeks earlier than planned on 22 June.
Danske Bank shares jumped nearly 9 percent after Estonian bank LHV agreed to buy its Estonian corporate and public sector credit portfolio.
Swiss specialty chemicals company Sika AG edged down slightly after acquiring Modern Waterproofing Group, a manufacturer of roofing and waterproofing systems in Egypt.
Swedish telecoms gear maker Ericsson fell over 2 percent. The company expects to take a hit of about 1 billion krona ($109 million) due to write-downs related to its business in China.
Delivery Hero SE and Just Eat Takeaway.com NV both dropped around 3 percent after reports that U.S. food delivery company Grubhub Inc had received takeover interest from the two.
German card payments company Wirecard gave up 1.7 percent. The company said it is cooperating with authorities investigating it over possible market manipulation.
Oil major Total SA climbed 1.7 percent, BP Plc surged 3.3 percent and Royal Dutch Shell rallied 3.5 percent as oil prices rose after major producers agreed to extend a deal on record output cuts.
Source: Read Full Article