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European Shares Mixed In Cautious Trade

stockmarkets jan18 25oct21 lt

European stocks were mixed on Monday despite an easing of worries surrounding embattled property group China Evergrande.

As ECB policymakers meet Thursday in Frankfurt, traders await hints on when the central bank might start raising historically low interest rates or tweak the pace of bond buying under its massive pandemic-era stimulus program.

Traders also await a string of major corporate results this week for clues to the near-term market outlook.

The pan European Stoxx 600 was marginally lower at 471.80 after rising half a percent on Friday.

France's CAC 40 index was little changed with a negative bias, while the German DAX edged up 0.2 percent and the U.K.'s FTSE 100 rose half a percent.

UniCredit fell about 1 percent as talks between the bank and Italy's Treasury over the purchase of Banca Monte dei Paschi di Siena SpA ended without a deal.

Exor, the Italian holding company of the Agnelli family, jumped 5.4 percent, on reports the Agnelli family owned investment and holding company is back at the negotiating table with French insurance group Covéa over the possible sale of reinsurance firm PartnerRe.

TSB owner Banco Sabadell rallied 4.5 percent rose after it confirmed it had rejected a bid approach from the Co-op for the British banking chain.

British lender HSBC Holdings rose about 1 percent after reporting a surprise 74 percent rise in third-quarter profit.

Anglo American, Antofagasta and Glencore added 1-2 percent as copper prices advanced after reports that inventories in Shanghai exchange warehouses dropped to a more than 12-year low.

Oil & gas firm BP Plc gained 1 percent and Royal Dutch Shell rose 0.8 percent as oil prices extended gains to multi-week highs amid continuing expectations of supply tightening.

Sanofi shares were up 1 percent in Paris. Regeneron Pharmaceuticals Inc. and the French drug maker announced today positive results from the second Dupixent (dupilumab) Phase 3 Eosinophilic Esophagitis trial that showed significant disease improvements. Data from the clinical trial program will be submitted to regulatory authorities by 2022.

zooplus AG shares gained 0.7 percent. The German online pet platform today said it supports the increased and final takeover offer of Hellman & Friedman along with its partner EQT Private Equity at a cash consideration of 480 euros per zooplus share.

The revised offer represents an increase of 10 euros compared to the previous bids by H&F and EQT.

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