LONDON (The Deal) -- European markets were mixed Monday after a relatively strong performance in Asia overnight.
Eurozone inflation was stable at 0.5%. That still leaves the single currency area worryingly close to deflation, economists said, and increases the pressure on the European Central Bank to produce more stimulus measures in the future, in the hope of restarting bank lending. At the same time, the situation in the Middle East was leading to renewed fears of increased oil prices.
London's FTSE 100 was up 0.07% at 6,762.75 while in Paris the CAC40 was down 0.03 at 4,435. Frankfurt's DAX was up 0.32% 9,846.
Pharmaceuticals company Shire (SHPG) rose 0.44% to 4,590 pence in London this morning, on news of a $410 million Canadian tax refund, which may strengthen its hand as it fights off a $45 billion bid from Chicago rival AbbVie (ABBV).
A big riser this morning was electronics and health care group Amsterdam-listed Philips (PHG), which advanced 3.73% to 23.09 euros, after announcing plans to merge its LED components and automotive lighting divisions into a standalone subsidiary which may eventually be spun off. In Copenhagen, Danish wind-turbines maker Vestas was up nearly 5% on news of two big orders from the United States. Vestas will provide 450MW capacity for wind farms in New Mexico and Kansas.Meanwhile in Paris, French bank BNP Paribas was up nearly 0.03%, as speculation mounted it may have won a six-months delay to the start of its dollar-clearing ban, although it will likely still face an $8.9 billion fine for U.S. sanctions-busting violations. The delay would help the bank prepare for the ban when it does come into force next year. In London, small-cap newspaper group Mecom rose 33% to 152.25 pence after Belgian publisher De Persgroep agreed to buy the entire company for 155 pence a share, or 196 million pounds ($333 million).
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV