European Stocks Decline, With BNP, Shire Lower

European stocks slipped Monday, with shares of BNP Paribas SA struggling and as Shire PLC moved lower ahead of an afternoon presentation by the drug maker.

The Stoxx Europe 600 index fell 0.6% to 346.16. The index finished last week with a 0.3% gain.

Shares of BNP Paribas SA  fell 0.8% as the bank neared a settlement of up to $9 billion with the U.S. Investigators say they have evidence BNP intentionally hid $30 billion of financial transactions that violated U.S. sanctions, people close to the investigation told The Wall Street Journal.

Shire PLC   shares fell 1.8%, popping up among leading decliners, before the drug maker held a meeting for investors at 1 p.m. London time.

Shire on Friday rejected a 27.2 billion-pound ($46.37 billion) takeover bid from U.S. rival AbbVie Inc. , saying the offer fundamentally undervalued the company. Its shares on Friday surged 17% as investors speculated Shire will eventually be acquired.

A number of mining shares rose following a better-than-expected result for HSBC’s June preliminary manufacturing report from China, a major buyer of natural resources. Rio Tinto PLC   gained 2%, Anglo American PLC picked up 1.1%, and BHP Billiton PLC moved up 1.1%.

Stock in Alstom SA  rose 1.1% as France on Sunday won an option to buy a 20% stake in the company from France’s Bouygues SA . The move was part of an agreement to support General Electric Co.’s  bid to purchase Alstom’s energy business.

Among country indexes, the FTSE 100 index  fell 0.5% to 6,794. Germany’s DAX 30 index lost 0.8% to 9,905.73 and France’s CAC 40 index fell 0.7% to 4,510.30.

Source : Marketwatch

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