The UK market is in negative territory in afternoon trading Monday, reversing the previous session's gains, amid profit taking. Some broker comments and lingering worries about the debt crisis contributed to downbeat sentiment.
The European finance ministers' meeting in Cyprus on Saturday failed to find a consensus over the European Commission's proposal on the banking union. Countries, including Germany, have aired differences over the timetable for the single supervisory mechanism.
The Euro Stoxx 50 index of eurozone bluechip stocks is falling 0.56 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is dropping 0.27 percent.
The FTSE 100 index is falling 0.3 percent.
Vodafone is losing 1.3 percent. The telecom giant might make a provision of $2.2 billion to cover some tax risks in India, as a result of a law change in the South Asian country, Bloomberg reported, citing an interview with its Chief Financial Officer Andy Halford.
Miners are lower. Anglo American is declining 1.3 percent and Antofagasta is losing 0.8 percent.
Barclays is losing 0.7 percent and Royal Bank of Scotland is declining over 2 percent.
BT Group is dropping 1.5 percent. Exane BNP cut the stock to "Neutral" from "Outperform."
JJB Sports is declining 24 percent. Reports said that nearly half of the sports goods retailer's stores may be closed and around 2000 jobs may be eliminated after its takeover deal with Sports Direct International concludes.
Ashmore is gaining 3.3 percent and Aggreko is gaining 1.1 percent.
Unilever is gaining 1 percent after a broker upgrade.
Elsewhere in Europe, the German DAX is losing 0.20 percent and the French CAC 40 is falling 0.59 percent. Switzerland's SMI is marginally up.
Across Asia/Pacific, Australia's All Ordinaries gained 0.3 percent and Hong Kong's Hang Seng advanced 0.1 percent while China's Shanghai Composite Index retreated 2.1 percent.
In the U.S., futures point to a lower open on Wall Street. In the previous session, the markets continued to benefit from a positive reaction to the Federal Reserve's announcement of additional quantitative easing. The Dow rose 0.4 percent, the Nasdaq jumped 0.9 percent and the S&P 500 climbed 0.4 percent.
In the commodity space, crude for October delivery is falling $0.02 to $98.98 per barrel and December gold is losing $0.3 to $1772.4 a troy ounce.
by RTT Staff Writer
For comments and feedback: email@example.com