Market Update
European markets were lower Monday after some disappointing data from both Germany and France.
The FTSE was down 0.4%. The CAC 40 Paris fell 0.7% while the DAX gave up 0.8%.
Markit said its preliminary German manufacturing Purchasing Managers Index, PMI rose to 52.4 in June from 52.3 in May, disappointing expectations for a rise to 52.5. Meanwhile, the services PMI weakened to a three-month low of 54.8 from 56.0 in May and worse than expectations for a reading of 55.7.
The data research firm also said its manufacturing PMI for France fell to an eight-month low of 47.8 in June from 49.6 in May while the services PMI dropped to 48.2 from 49.1.
Stocks on the Move
easyJet PLC fell 2% while tour operator TUI Travel PLC was down 1.3%. Airline shares were hurt by the rising oil prices as violence continued in Iraq.
Over in Paris, Air France-KLM also dropped 2%.
Alstom SA was volatile and traded flat at the time of writing after GE signed the $17 billion purchase of the company’s energy assets after the French government secured an option to buy 20% in the company from Bouygues.
Carrefour declined 0.6% following news Friday it had reached a deal to buy Spanish supermarkets group Dia’s loss-making French unit.