EU stocks trade lower on mixed reports, financials more than 3% in red

Monday, 29. February 2016 10:40

Markets in Europe trade lower on Monday after Destatis reported today a 3.8% decrease in German import prices in January from same month a year before, following a 1.5% decline in December last year. In a separate press release, the Statistics Austria reported national industrial turnover was up by 0.6% to €233.7 billion from November last year.

The DAX was 1.46% in the red at 9,374 points. Volkswagen and K+S AG were only two companies trading in the green at 10:14 a.m. CET. Volkswagen added 1.06% to €104.75 per share (10:17 a.m. CET). According to an insight obtained by Bild am Sonntag yesterday, the company’s former chief executive Martin Winterkorn knew that the automaker told regulators it was using defeat devices two weeks before the scandal became public. The devices enabled Volkswagen to present car emission levels falsely, misleading both investors and drivers it was complying with U.S. emission standards.

K+S AG followed in gains, increasing 0.24% to €18.97 per share (10:17 a.m. CET). The international resources firm supervisory board today agreed not to extend the mandate of Dr. Andreas Radmacher who was in charge of the Potash and Magnesium products business unit. The deal was agreed mutually.

The FTSE 100 was 0.83% down to 6,045 points. Among its constituents, financials had the worst performance. Standard Chartered was leading the loss, dropping 3.47% to 415.05 per share (both 10:20 a.m. CET), followed by HSBC’s 3.28% decline to 452 pence per share (10:21 a.m. CET).

The CAC 40 dropped 1.06% to 4,267 points. Holcim, Swiss-based global building materials company, had the performance, decreasing 2.43% to $35.28 per share (both 10:21 a.m. CET). The firm opened a $50 million worth plant in New Zealand last Tuesday. According to New Zealand media, the company’s another dome of the same value is under construction in Auckland, and planned to be opened by middle of this year.

The euro depreciated 0.22% against the dollar, fell 0.21% against the British pound, and rose 0.12% against the Swiss franc (all 10:38 a.m. CET).

Related Links: HSBC Holdings plc
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Breaking the News / VS