Stock markets in Europe started the week lower as investors carefully weighed U.S. President Donald Trump’s policies and focused on corporate earnings.
The pan-European Stoxx 600 was 0.32 percent lower with most sectors trading negative. Autos were the worst performing sector in early trade, down by more than 0.7 percent. Basic resources edged up 0.9 percent on earnings news.
The gold mining business Randgold Resources was at the top of the European benchmark, up by 4 percent after reporting a 76 percent increase in its fourth-quarter profits. Glencore has reportedly extended a deal with Libya’s state oil company to ensure it is the sole marketer for one third of the current crude oil proudction in the country, Reuters reported. Its shares were up by more than 1.4 percent in early trade.
Ryanair said Monday that average fares dropped in the last quarter of 2016, but guaranteed that it was still on track to deliver an increase in annual profits. It shares dropped 1.4 percent in early trade. Sweden’s Hexagon was at the bottom of the European benchmark after its fourth-quarter results. Reuters reported that the firm is considering two new names for chairman and vice chairman.
In Italy, UniCredit has started its 13 billion euro ($14 billion) cash call. Meanwhile, the Italian insurer Generali is holding a meeting Monday to decide on its stake of Intesa Sanpaolo. The uncertainty sent its shares down in early trade by 1 percent.
Back in the U.K., Barclays is reportedly implementing new back office rules to cope with new ring-fencing rules. It shares edged up slightly on Monday morning.
Also on Monday, President Mario Draghi of the European Central Bank will be answering questions from European lawmakers, while European foreign ministers will gather to discuss developments in the Middle East.
Source: Reuters