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Market Update

European Stocks Weak in Early Trade

May 16, 2011

Shares in Europe edged lower early Monday, with bank and auto stocks leading the decliners, amid sovereign concerns in the Euro-zone region, which were further accentuated by the arrest of the chief of IMF Dominique-Kahn Strauss over charges of sexual assault.

At 12:45 p.m. (I.S.T.), France's CAC and Germany's DAX dropped 1.1% and 0.7%, respectively, while Britain's FTSE was off 0.2%.

In sector movers, auto stocks BMW, Renault and Daimler lost 1% to 1.5%, while miners BHP Billiton, Rio Tinto, Xstrata and Anglo American bucked the negative trend to trade 0.2% to 0.5% higher.

Among financials, BNP Paribas, Credit Agricole, Deutsche Bank and Societe Generale erased 1.3% to 2%.

In news-driven stocks, miner Kazaksmys jumped 1% after saying it would also list its shares on the Hong Kong stock exchange.

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