Market Update
European markets opened slightly higher Monday ahead of data from the euro-zone, shrugging off weak cues from Asia after data showed slowing growth in China in December.
The FTSE was up 0.2%. The CAC 40 Paris was up 0.5% while the German DAX was up 0.4%.
Economic reports scheduled today included the services PMI from the euro-zone as well as separate reports from Italy, France, Germany, and the U.K.
Earlier, Markit's services PMI for Spain indicated an expansion in the services sector at 54.2 from a prior reading of 51.5.
Stocks on the Move
RBS and HSBC were up 0.8% each respectively while Barclays PLC edged up 0.2%.
In miners, Anglo American was up 0.2% while Vedanta Resources edged up 0.1%.
State-controlled nuclear group Areva was up over a percent. The company has closed two of its uranium mines in Niger for a month of maintenance activities even as it negotiates with the government for the renewal of its licenses.
Oil services group Technip said it has won two ultra-deep water contracts from Petrobras for the supply of flexible pipes. Technip shares gained 0.6%.
Daimler AG was up 0.3%. The company reported a 17% increase in December U.S. sales while Volkswagen reported a 22.7% drop. Audi’s sales were up 14.6% while BMW Group posted a marginal 0.3% rise.
Volkswagen shares were up 0.2% while Audi accelerated 1.3%. BMW was up 0.3%.
Weekly magazine Del Spiegel reported Sunday the German banking supervisor BaFin has criticized Deutsche Bank management’s response to a probe into alleged manipulation of the Libor benchmark rate. Deutsche Bank shares were off 0.3%.