European markets lower after Manchester blast, PMIs eyed
European bourses moved lower on Tuesday as investors woke up to news of another terrorist incident in the U.K. and digested economic data from the euro zone.
The pan-European Stoxx 600 was 0.12 percent lower with most sectors and major bourses moving south. Basic resources stocks led the falls in early deals as steelmakers prepare measures to counter volatile coking coal prices.
By contrast, the technology sector moved higher early on Tuesday following news that Nokia and Apple reached a an agreement over their intellectual property dispute and agreed a multi-year license. The former hit the top of the European benchmark on the news, up by seven percent.
Looking at individual stocks, Electrocomponents rose by three percent after reporting an increase in full-year pretax profit to £127 million ($165.2 million) from £34.9 million a year ago.
Shares of the French media company Vivendi also jumped about three percent following a Wall Street Journal report stating that the company could float a minority stake in Universal Music Group.
On the other hand, the Danish Gn Store Nord was at the bottom of the European benchmark, down by 2 percent, after launching a 215 million euro ($241 million) zero coupon convertible bond.
At least 22 people have died and around 59 injured after a blast at a Ariana Grande concert in the north of the U.K. The incident, which is being treated as a terrorist incident, has sent sterling marginally lower and led Prime Minister Teresa May to suspend her election campaign ahead of the June 8 election.
Meanwhile, finance ministers of the euro zone failed to reach an agreement with the International Monetary Fund over debt relief for Greece. Eurogroup President Jeroen Dijsselbloem, who chaired the eight-hour meeting on Monday, said that an agreement is close and that the will return to it at their next scheduled meeting in June.
In the U.S., Former White House National Security Advisor Michael Flynn declined a senate subpoena in relation to an investigation into possible Russia interference in the 2016 election.
In terms of data, there will be flash manufacturing and services PMIs in the euro zone.
Source: CNBC
