EUROPE MARKETS: European Stocks Pull Back As Auto Makers, Oil Producers Struggle
July 24 2017 - 5:19AM
Dow Jones News
By Carla Mozee, MarketWatch
Ryanair warns on fares
European stocks fell Monday, with shares of German auto makers
and oil producers among those pushing the market toward a two-week
low.
The Stoxx Europe 600 was off 0.2% at 379.45, with only the
industrial sector showing a minor gain. The index on Friday slid
1%, contributing to last week's loss of 1.9%.
Early Monday, data showed the eurozone economy slowed in July
(http://www.marketwatch.com/story/eurozone-economy-slows-in-july-survey-shows-2017-07-24-44855249),
with Markit saying its composite Purchasing Managers Index fell to
55.8 in July from 56.3 in June. That was below the 56.2 reading
expected by economists surveyed by The Wall Street Journal.
Auto makers: Vehicle makers in German were under pressure
following a report that Volkswagen AG had asked Europe's antitrust
watchdog to investigate decades of coordination efforts by the
country's main auto manufacturers amid growing concern they might
have breached antitrust regulations.
(http://www.marketwatch.com/story/vw-asks-eu-to-scrutinize-german-car-makers-2017-07-24)
Volkswagen shares (VOW.XE) fell 2.9%, Daimler AG (DAI.XE) lost
3.1%, and BMW AG (BMW.XE) slumped 2.5%.
Oil and OPEC: Meanwhile, the Stoxx Europe 600 Oil & Gas
index fell 0.8% as oil prices declined
(http://www.marketwatch.com/story/oil-prices-steady-with-all-eyes-on-opec-meeting-2017-07-24).
Investors are watching for word from a highly-anticipated meeting
of oil ministers from the Organization of the Petroleum Exporting
Countries and some non-OPEC producers on Monday. Officials are
expected to discuss how producers are complying with quotas set
under an output cap agreement that began on Jan. 1.
Tullow Oil PLC (TLW.LN) gave up 2.6%, Neste Corp. (NESTE.HE)
gave up 1.4% and Total SA (TOT) lost 1%.
Read:How OPEC committee's meeting could make or break oil prices
(http://www.marketwatch.com/story/how-opec-committees-coming-meeting-could-make-or-break-oil-prices-2017-07-20)
Elsewhere on the Stoxx 600, budget carrier Ryanair Holdings PLC
(RYAAY) fell 3.3% after the company warned about pressure on fares
because of overcapacity.
(http://www.marketwatch.com/story/ryanair-profit-soars-55-warns-on-overcapacity-2017-07-24)
Ryanair stuck to its outlook that ticket prices in the first
half, including the key July-September travel period, could fall on
average 5%, and decline by 8% in the October-March period. Off the
FTSE 100, shares of Ryanair stumbled 3.8%.
Individual indexes: In Frankfurt, the DAX 30 index , which is
heavily weighted by exporters such as car makers, fell 0.4% to
12,196.06. France's CAC 40 index moved down 0.3% to 5,103.18.
The U.K.'s FTSE 100 dropped 0.9% to 7,388.05.
Spain's IBEX 35 was off 0.4% but Italy's FTSE MIB edged up
0.1%.
(END) Dow Jones Newswires
July 24, 2017 05:04 ET (09:04 GMT)
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