Market Update
European markets were lower Monday as upbeat manufacturing data in the region was offset by concerns arising out of tensions between Ukraine and Russia.
The FTSE was down 1%. The CAC 40 Paris fell 1.5% while the German DAX dropped 1.9%.
European Central Bank President Mario Draghi is scheduled to address the European Parliament later in the day in Brussels.
Political tensions were high after Ukrainian Prime Minister Arseniy Yatsenyuk said on Sunday that his country was on the brink of disaster after Russia’s Parliament authorized Vladimir Putin to use military force.
Earlier, data showed expanding manufacturing activity in France, Germany, and the euro zone as a whole. Manufacturing data is also due in the U.K.
Stocks on the Move
HSBC Holdings was down 1.2% while RBS and Barclays PLC fell 1.6% and 1.3% each, respectively.
Kazakhmys PLC was the sole gainer among miners, up 1.3%. Rio Tinto sank 2.4%.
Over in Paris, Societe Generale tumbled almost 5%. BNP Paribas fell 2.6% and Credit Agricole gave up 1.5%.
Bouygues SA fell over 2% after reports that it is planning a bid for Vivendi SA’s phone carrier SFR.
Daimler was down 2.2% in Frankfurt while BMW reversed 1.5%.
Conglomerate Siemens AG fell almost 2% while drug-maker Bayer shed 2.3%.