Market Update
European markets struggled for gains Monday as resources stocks fell, weighed by concerns over weak economic data from China.
The FTSE traded flat. The CAC 40 Paris was up half a percent while the German DAX declined 0.4%.
The resources heavy FTSE was pressured by losses in mining stocks as investors fretted over data showing slowing growth in China.
Earlier Monday, data in the euro area showed French industrial output declined 0.2%, confounding expectations for a 0.2% gain. Retail sales in Switzerland also fell unexpectedly.
Stocks on the Move
Major Aussie miners BHP Billiton and Rio Tinto dropped 2.1% and 1.5% each. Anglo American fell 2.5% while Glencore Xstrata PLC was down 2.3%. Kazakhmys sank 4% while Vedanta Resources declined about a percent.
Unilever edged up 0.2% after the company said it bought a majority stake in Chinese water purification company Qinyuan. Financial terms weren't disclosed.
GlaxoSmithKline was up 0.8% after the company said it increased its stake in its Indian subsidiary to 75% in a transaction worth $1.05 billion.
Wm. Morrison Supermarkets PLC declined half a percent ahead of its results later Thursday this week.
Rolls-Royce was up 3.2%. The company said Friday it would buy Daimler’s 50% stake in a jointly owned power systems company.
Iliad SA shot up almost 14% after reporting results.
In Frankfurt, Hochtief AG was up 2.6% as the company planned to spend over $1 billion to increase its majority stake in Australia's Leighton Holdings.