European Stocks Retreat After 6-Week Winning Streak

European stock markets moved slightly lower on Monday after scoring a six-week winning streak last Friday, with investors waiting for flash PMIs, Germany’s ZEW survey and other data due later in the week to provide more market direction.

The Stoxx Europe 600 index  fell 0.1% to 322.79, on track to break a two-day winning run.

Shares of Aberdeen Asset Management PLC  surged 13% after Lloyds Banking Group PLC   said it is selling its asset-management business Scottish Widows Investment Partnership Group Ltd. to the U.K. investment manager. Shares of Lloyds rose 1.1%.

Shares of Sonova Holding AG  rallied 5.3% after the Swiss hearing-aid maker raised its fiscal full-year outlook, after sales rose 8.6% in the first half of the year.

The data calendar was relatively light on Monday, but later in the week several releases are on tap. On Tuesday, the German ZEW survey is out, expected to show investors remain optimistic about the euro zone’s largest economy. On Wednesday, the minutes from the Bank of England’s last policy meeting are due, followed by purchasing managers’ indexes from the major economies in the euro zone on Thursday.

The muted European session on Monday comes as most Asian markets closed in positive territory after Beijing outlined its strategy for economic reform, saying that the government would open up the financial sector and relax restrictions on investment.

Among country-specific indexes in Europe, the FTSE 100 index  dropped 0.3% to 6,672.10, while France’s CAC 40 index  lost 0.3% to 4,278.84. Germany’s DAX 30 index  gave up 0.3% to 9,145.16.

Source : Marketwatch