European stocks drop on corporate news, FTSE bucks the trend
The stocks on the European bourses started the week open on a positive footing, although failed to sustain the gains on the back of poor corporate earnings reports, while a sharp sell-off in the pound amid mounting UK political uncertainty kept buoyant tone around the London stocks intact.
The European equities trade cautiously, as heavy losses reported by the UK’s utility company, EDF, dampened the sentiment and dragged the pan-European benchmark, the Euro Stoxx 500 lower. Also, losses in banking and financial services stocks on the region’s indices also collaborated to the downbeat tone.
Moreover, the US tax reform uncertainty and UK’s leadership challenge continue to keep the European traders on the back foot, while attention turns towards the central bank speeches due later this week alongside releases of the crucial macro news from across the globe for fresh direction.
Among the major European indices, Germany’s DAX is down -0.15% at 13,108, the UK’s FTSE 100 gains +0.19% to trade at 7,445. Meanwhile, the French CAC 40 drops -0.25% to 5,365 points.