Egypt's bourse, clearing house say settlement, connectivity unharmed by Ramsis blaze    Egypt's Al-Sisi meets Rosatom chief as new Dabaa plant deals are signed    CPME shareholders approve EGP 2.8bn acquisition of Qardy, Catalyst Partners Holding    How the Ramses Central Fire Disrupted Egypt's Internet, Stock Exchange, and Banking Sectors    Philippines' unemployment rate falls in May '25    Gold prices dip on stronger US Treasury yields    Egypt, Somalia leaders discuss strategic partnership, counterterrorism in New Alamein    Egypt, UNDP discuss expanded cooperation on medical waste management, human development    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Egypt, Uruguay eager to expand trade across key sectors    Egypt accelerates coastal protection projects amid rising climate threats    Egypt's PM calls Israeli war on Gaza 'most dangerous crisis' at BRICS summit    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



European stocks end mixed; Autos slump; Gemalto down 19%
Published in Amwal Al Ghad on 24 - 07 - 2017

Bourses in Europe ended mixed on Monday afternoon as auto stocks slumped amid allegations of collusion.
The pan-European Stoxx 600 closed down 0.24 percent with most sectors trading in negative territory. Wall Street also moved lower in anticipation of a series of earnings from big tech firms this week, including Alphabet on Monday.
In Europe, the Auto sector was under pressure Monday after reports that the European Commission is investigating collusion between German carmakers. Volkswagen ended the day down 1.4 percent, Daimler closed down 2.6 percent and Peugeot was lower by 1.3 percent. The European Commission said it received information on alleged collusion but it is still assessing the information. The probe could damage the sector's reputation further following the diesel emissions scandal.
Travel and leisure stocks also struggled on Monday after Ryanair reported second quarter earnings. Investors are worried about increased market competition in the winter months. The Irish airline warned it could cut its late summer fares by as much as 9 percent compared to last year. The stock was down more than 1.3 percent by the close of play.
Banking stocks were slightly higher as investors expect further monetary policy tightening in the U.S. later this week and digest earning news. Julius Baer said Monday its assets under management grew 6 percent to $375.18 billion in the first half of 2017, roughly in line with analysts' forecasts. The Swiss bank closed higher by 4.4 percent.
It was retailer B&M European that closed the day at the top of the European benchmark, however. The stock rose 4.9 percent on reports that Walmart's U.K. unit Asda is considering a £4.4 billion ($5.7 billion) takeover bid.
Gemalto down 19%, Euro zone slows down
Reckitt Benckiser announced that its full year target growth was a "challenging" one as the firm is still struggling to return to normal after a cyber attack. The episode led to a 2 percent fall in sales during the second-quarter of this year. The stock was down 3.2 percent.
The digital security firm Gemalto fell by more than 19 percent after several rating downgrades. The firm issued its fourth profit warning since October last week.
Meanwhile, in France, the figures showed a slowdown in economic activity. IHS Markit's purchasing managers' survey dropped slightly to 55.7 from 56.6.
In the euro zone, economic activity also fell in July. The flash IHS Markit's monthly purchasing manager's index for the euro zone came in at 55.8 in July from 56.3 in June.
President Donald Trump said Sunday he is willing to sign new sanctions against Russia. However, in Europe, the European Commission's President Jean-Claude Juncker warned that there will be retaliations on the U.S. if it pushes sanctions affecting European companies.
His son-in-law Jared Kushner went before a Senate Intelligence committee Monday to provide evidence on four meetings with Russians during the 2016 U.S. Presidential election. In a statement released ahead of the meeting, Kushner denied allegations of collusion.
In currency markets, the euro held at two-year highs following remarks by ECB President Mario Draghi last week, while the dollar remained weak ahead of the U.S. Federal Reserve's policy meeting later in the week.
Source: CNBC


Clic here to read the story from its source.