European stock markets kick off week on downbeat note

GMT 15:14 2014 Monday ,30 June

Arab Today, arab today European stock markets kick off week on downbeat note

Brokers work at the German stock exchange
London - AFP

Europe's main stock markets traded mixed on Monday, as traders reacted to eurozone inflation numbers ahead of key US jobs data due later in the week.
London's benchmark FTSE 100 index dipped 0.17 percent to stand at 6,745.99 points around midday in the British capital.
Frankfurt's DAX 30 added 0.25 percent to 9,839.97 points while the CAC 40 in Paris was flat at 4,436.97 compared with Friday's close.
"US data takes centre stage this week," said Chris Weston at IG Markets.
"The payrolls report will naturally take centre stage ... The US trade balance, manufacturing and services ISM will also be important as a lead indicator into Q2 gross domestic product."
The euro gained to $1.3656 from $1.3646 late on Friday in New York.
Inflation across the 18-nation eurozone was steady in June at 0.5 percent, adding to concerns about deflation in the bloc, official data showed on Monday.
The European Central Bank is so concerned that prices could start falling it has moved into negative interest rates to get cash flowing, and authorities are closely watching whether this will be enough to push inflation back to the bank's target of nearly 2.0 percent.
"June's weak eurozone inflation figure will add to pressure on the ECB to provide more policy support, particularly given recent signs that the recovery may already be slowing," said Capital Economics senior economist Jennifer McKeown.
In foreign exchange, the British pound rose to $1.7054 from $1.7034 late on Friday after official data showed the country's recession was not as bad as previously thought. 
"Following the results of methodological revisions to the calculation of GDP published today, the UK has probably already passed its 2007 peak level of output," said Robert Wood at Berenberg.
The euro eased to 80.08 British pence from 80.09 pence Friday.
US stocks opened mostly lower to kick off a holiday-shortened trading week that includes some major economic reports.
Five minutes into trading, the Dow Jones Industrial Average dropped 0.22 percent to 16,815.43.
The broad-based S&P 500 dipped 0.08 percent to 1,959.37, while the tech-rich Nasdaq Composite Index advanced 0.03 percent to 4,399.10.
- BNP Paribas gains -
Italy's fourth-biggest lender, Banco Popolare, fell 5 percent to 12 euros after its chief executive told a newspaper the bank has cancelled the sale of its bad debt unit.
Shares in BNP rose 0.29 percent to 49.56 euros. The French bank has agreed to pay US authorities a $8.9 billion fine to avoid being tried in court for dealing with US-blacklisted countries, sources close to the matter told AFP.
The deal ends months of haggling which saw French President Francois Hollande pressing his US counterpart Barack Obama to intervene and lighten the punishment.
Easyjet shares slumped 6.24 percent to 1,368 pence after a broker downgrade from Bank of America Merrill Lynch.
Shares in GlaxoSmithKline fell 0.54 percent after the British drugmaker confirmed the existence of a sex tape of the former boss of its China division, which reportedly emerged just before Beijing launched a bribery probe into the company.
Asian stock markets ended mixed on Monday as traders await the release of key economic data this week including figures on global manufacturing and US jobs.
On the London Bullion Market, the price of gold fell to $1,313 an ounce from $1,317.50 on Friday.


Arab Today, arab today
Arab Today, arab today
arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabs, Arab, Arab