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Market Update

European Stocks Mostly Lower; Banks Boost London

Apr 11, 2011

Shares in Europe started Monday mostly lower as crude and gold prices rose further, but buying in financials helped up the London market.

At 1:00 p.m. (I.S.T.), France's CAC and Germany's DAX slipped 0.3% while Britain's FTSE rose 0.2%.

Stocks opened mostly lower, tracking weakness in Asian markets and after the European Central Bank last week upped key rates in the region for the first time in three years.

Automakers were trading broadly lower after a rise in crude prices led to concerns over its impact on global growth. BMW, Volkswagen, Daimler and Renault fell over 2% each.

But in London, banks edged up after a U.K. independent panel came out with its recommendations for the sector, urging banks to hold more capital for their retail operations. Barclays, Lloyds Banking Group and Royal Bank of Scotland added 1.5% to 3.7%.

While miners BHP Billiton and Xstrata rose 1.8% each, tracking strong metal prices.

In news-driven stocks, Deutsche Boerse gained 1.5% after the NYSE Euronext board rejected a joint bid by the Nasdaq OMX Group and Intercontinental Exchange, and reiterated its plan to merge with the German exchange.

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