European Shares Mixed In Cautious Trade

European stocks were moving in a narrow range on Monday after a raft of Chinese data proved to be a mixed bag.

Amid lack of triggers, investors looked ahead to Federal Reserve Chairman Jerome Powell’s semi-annual congressional testimonies as well as U.S. President Donald Trump’s highly anticipated meeting with Russian President Vladimir Putin for further direction.

The euro was little changed against the dollar after Eurostat data showed Eurozone trade surplus dropped to EUR 16.9 billion in May from EUR 18.0 billion in April, as imports grew faster than exports.

The British pound held steady after a former senior British minister called for a second referendum to solve a parliamentary stalemate on Brexit.

The pan-European Stoxx Europe 600 index was marginally higher at 385.15 in late opening deals after rising 0.2 percent on Friday.

The German DAX was rising 0.2 percent, while French shares were marginally lower and the U.K.’s FTSE 100 dropped half a percent.

Elevator firm Kone rose more than 2 percent on a report that it has held merger talks with Germany’s Thyssenkrupp.

Mining and energy stocks were moving lower on concerns about slowing growth in China.

SDL shares rallied 3.5 percent. The British software and professional services firm has agreed to acquire the business and assets of Donnelley Language Solutions on a cash-free, debt-free basis for a cash consideration of $77.5 million (60.1 million pounds) from Donnelley Financial Solutions Inc.

Drugmaker Indivior soared 25 percent after a U.S. district court granted a preliminary injunction against India’s Dr. Reddy’s on generic (buprenorphine and naloxone) sublingual film.

French technology consultancy firm Altran jumped almost 6 percent after losing as much as 30 percent on Friday on news that it had uncovered forged orders at its recently acquired U.S. business Aricent.

Media conglomerate Lagardere advanced 1.6 percent after Morgan Stanley upgraded the stock rating.

Dialog Semiconductor advanced 4 percent in Frankfurt. The firm expects higher than anticipated profitability in the second quarter of 2018, driven by manufacturing cost efficiencies.

Deutsche Bank shares jumped 8 percent. The German lender said it expects income before income taxes of approximately EUR 700 million and net income of approximately EUR 400 million in the second quarter of 2018.

by RTTNews Staff Writer

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