Market Update
European stocks were trading near the flat-line Monday morning as investors digested some economic reports and corporate announcements.
The FTSE 100 lost 0.2% at 9:26 a.m. in London, the CAC 40 Paris edged up 0.3% and the DAX Frankfurt climbed 0.2%.
Investors turned cautious at open taking cues from Asia, where China's Shanghai Composite logged a sharp decline earlier in the day after data showed new home prices Chinese first-tier cities declined in January.
Some economic reports and corporate results were also in focus. Data released Monday showed Ifo business climate in Germany grew the most in over two and a half years in February.
Stocks on the Move
Financials were trading mostly higher across the region. Societe Generale SA was up 1.2% in France while German banking giant Deutsche Bank AG gained 0.7%.
London-listed shares of global banking firm HSBC Holdings dropped nearly 4% after the lender reported disappointing full year results.
Europe's largest car manufacturer Volkswagen AG plunged 5.4% after the company offered to purchase remaining shares in Swedish truck maker Scania AB, while offering a disappointing 2014 outlook. Shares of Scania AB soared 32.2%.
Mining stocks were among other top losers. Rio Tinto Plc. lost 1.7% while BHP Billiton Plc. eased 1.2% and Anglo American Plc. fell 2.1%.
On the upside, London-listed Vodafone Group Plc. bounced over 5% extending gains from the previous session.