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European stocks drop, DAX bucks the trend on IFO

FXStreet (Mumbai) - The stocks on the European bourses halted the recent rally and opened the week on a weaker note, with the German DAX trades in the green while rest of Europe falls on profit-taking.

DAX rises on mixed Ifo Surveys

Germany’s, the DAX erased early losses and flipped to gains as markets cheer the German Ifo business sentiment figures which beat estimates, although deteriorated from the previous reading. The headline Ifo Business Climate Index fell to 108.2 during Oct, below the 108.5 booked in September, although beat forecasts of 108.10 drop.

The German utilities company, RWE leads the index higher (+2%), followed by Deutsche Lufthansa which
gains nearly 1%.

While other European indices trade lower to flat as markets resorted to profit-taking after last-week’s ECB and China rate cut inspired rally. ECB hinted on Thursday that more stimulus measures may come in Dec, while the PBOC cut its interest rates on Friday.

Meanwhile, Germany’s DAX rises 0.39% to 10,837 points, while the UK’s FTSE trades -0.24% lower at 6,427. Among the other indices, the French CAC 40 index drops -0.51% to 4,898, while the pan-European Euro Stoxx 50 index loses -0.27% to 3,416 points.

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