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European stocks trade in the red, DAX bucks the trend

FXStreet (Mumbai) - The European stocks wiped out opening gains and turned negative, bringing an end to the recent streak of gains, and completely shrugged-off the strong performance seen on the Chinese bourses.

The macro calendar offers no data-flow, and the session ahead is expected to remain calmer as the US markets are closed on account of a public holiday.

European stocks slide on profit-taking?

The German index, the DAX, appears to ditch its other European counterparts and defends mild gains, largely supported by utilities companies. RWE and E.ON rallied 10.30% and 7.60%, respectively after positive corporate news. Unlike the German benchmark, the UK’s FTSE keeps losses in sync with the mining-giant Glencore after the company announced on that it is planning to sell two of its copper mines in Australia and Chile.

Meanwhile, Germany’s DAX trades 0.27% higher to 10,124 points, while the UK’s FTSE loses 0.38% to 6,393. Among the other indices, the French CAC 40 index drops -0.37% to 4,684, while the pan-European Euro Stoxx 50 index trades -0.20% to 3,243 points.

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