Arab Today, arab today european stocks flat amid china growth slowdown
Last Updated : GMT 08:44:49
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European stocks flat amid China growth slowdown

Arab Today, arab today

Arab Today, arab today European stocks flat amid China growth slowdown

London - AFP

Europe's main stock markets were largely flat on Monday after losses in Asia as traders reacted to China's latest economic growth data. London's FTSE 100 index of top companies dipped 0.03 percent to stand at 6,831.11 points around midday in the British capital. Frankfurt's DAX 30 index slipped 0.14 percent to 9,729.01 points and in Paris the CAC 40 stood at 4,327.14, unchanged compared with Friday's closing level. The euro advanced against the dollar. "European equities are trading lower on the back of weaker markets across Asia and a surprise profit warning by German heavyweight Deutsche Bank," said Markus Huber, senior analyst at brokers Peregrine & Black. "Overall sentiment remains positive, with trading volume expected to be on the light side due to the holiday in the US. "However, considering that markets have risen sharply in the past few weeks today’s disappointing news by Deutsche Bank and out of China might serve as a welcome excuse to take some profits and money off the table," Huber added. China's economy last year registered flat growth of 7.7 percent, maintaining its slowest expansion in more than a decade as the government warned Monday of "deep-rooted problems" including a mountain of local authority debt. "The latest Chinese economic data published this morning showed that real GDP growth slowed to 7.7 percent ... though many policymakers, especially in the semi-depressed eurozone, would be over-joyed to have such growth rates," noted Neil MacKinnon, economist at financial group VTB Capital. In foreign exchange activity on Monday, the European single currency climbed to $1.3557 from $1.3535 late on Friday in New York. The euro edged up to 82.46 pence from 82.44 pence on Friday, while the pound rose to $1.6440 from $1.6414. Gold prices gained to $1,255.21 an ounce from $1,250 Friday on the London Bullion Market. On the European sovereign debt market, the yield on Ireland's 10-year bonds fell to 3.272 percent, nearly 20 basis points below the yield late on Friday of 3.44 percent, in response to a decision by ratings agency Moody's to lift Ireland's notation by one notch to "Baa3". In stock market trading, there were heavy losses for shares in Deutsche Bank and Peugeot. Shares in French carmaker Peugeot Citroen slumped 5.66 percent to 10.83 euros after the company said global sales fell by 4.9 percent in 2013, to 2.82 million vehicles, on weakness in its main markets Europe and Russia. The announcement followed Peugeot's approval of a capital increase. Deutsche Bank, Germany's biggest bank, slid 4.16 percent to 37.71 euros after it announced late on Sunday a surprise net loss of 965 million euros ($1.3 billion) in the fourth quarter of 2013 because of litigation costs and weakening revenues. The news dragged down other major banks in Europe, with Royal Bank of Scotland down 2.17 percent to 356 pence and Unicredit losing 1.18 percent to 5.88 euros. In France, the Altice group, the main shareholder in cable operator Numericable Group, said it would float Numericable on the Amsterdam market on January 31, valuing the business at 5.1-6.25 billion euros.

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