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European stocks drop into losses

FXStreet (Mumbai) - European equities turned red on Monday as investors remain cautious despite China’s surprise rate cut on Friday.

The pan-European Euro Stoxx 600 index retreated 0.25% to 376.41 levels. Shares in UK broadband provider TalkTalk lost 9%. The firm hired defense company BAE Systems to investigate a cyber attack that may have led to the theft of personal data from its more than four million customers.

Shares in National Bank of Greece and Alpha Bank lost 7% and 6% respectively. Meanwhile, Aberdeen Asset Management advanced 3.8%. Telefonica Deutschland AG gained 2.34%. Credit Suisse strengthened 0.7% after it priced its private placement of 58 million new shares at 22.75 Swiss francs each.

Earlier today, the Asian stocks extended the rally as investors cheered rate cut in China.

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