Europe open: Stocks decline ahead of meeting between Merkel and Tsipras
European stocks declined on Monday, as markets began the week on a circumspect note after ending the previous sessions with sharp gains.
CAC 40
8,022.41
16:59 19/04/24
Christian Dior
€742.50
17:19 19/04/24
Deutsche Bank AG
€14.95
16:45 19/04/24
DJ EURO STOXX 50
4,918.09
00:00 20/04/24
LVMH
€796.60
17:19 19/04/24
Pirelli & C.
€14.97
16:25 09/11/15
Xetra DAX
17,737.36
17:00 19/04/24
Investors will closely monitor the outcome of a meeting between Greek prime minister Alexis Tsipras and German chancellor Angela Merkel in Berlin, with the two expected to discuss the Greek debt crisis, and more importantly, try and rebuild the bruised and breaking relationship between the two nations.
Tsipras has already stated that Greece’s debt will be "impossible" to pay without help, meaning a positive outcome from the meeting is far from guaranteed.
The DAX slipped 113 points, while France’s CAC fell 30 points as investors appeared unimpressed by a local election victory for Sarkozy’s UMP, with Le Pen’s National Front in second and Hollande’s PS an embarrassing, if expected, third.
On Monday afternoon, the European Central Bank president Mario Draghi will hold a speech during which he is largely expected to promote the stirrings of Eurozone recovery since quantitative easing began.
In company news, Pirelli rose 2.50% after China National Chemical Corp agreed to buy the tyre maker for €7.1bn (£5.16bn)
Christian Dior fell 3% after being downgraded by analysts at JP Morgan, while LVMH Moet Hennessy Louis Vuitton dropped 2.90% and Deutsche Bank gained 2.41%.
The euro was down 0.062% to $1.081, while the price of Brent crude fell 1.6% to $54.42 a barrel.