EU STOCKS in selling mode

European stocks fell Monday, as investors extended last week’s selloff, and as markets watched escalating tensions between Ukraine and Russia.

The Stoxx Europe 600 index lost 0.3% to 327.65, adding to Friday’s fall of 1.4%. 

In country-specific indexes, the FTSE 100 declined 0.3%, but Glencore Xstrata PLC outperformed the broader market, rising 1% following the company’s $5.8 billion sale of Peruvian copper mine project to a Chinese consortium.

Germany’s DAX 30 fell 0.6%, building on last week’s loss of 3.9%, and France’s CAC 40 gave up 0.3%.

The trading week will be shortened by the Good Friday holiday.

Data showed EMU’s Industrial Production banged on expectations, expanding 0.2% inter-month in February (up 0.0% earlier) and 1.7% over the last twelve months, above Jan 1.6% amid median estimate of 1.5% gain.

Decliners included PSA Peugeot Citroën, down 3.3% after the French car maker outlined cost reductions and other measures in an effort to return to profitability.

Kuehne & Nagel fell 3.6%. The company said sales slipped 1.3% to 4.13 billion francs ($4.71 billion) in the first quarter. Analysts had predicted 5.22 billion francs on average. 

Symrise dropped 4.7%. The company has offered 1.3 billion euros ($1.8 billion) to buy Diana Group, a French flavors and pet-food additive maker. 

STMicroelectronics NV (STM) lost 2.7% as UBS cut its rating on the chipmaker to sell from neutral.

TomTom NV, a maker of navigation devices, declined 6.1% after UBS recommended selling the shares.

Rheinmetall AG declined 4%. Bild am Sonntag reported that a sale of 800 Leopard 2 Battle tanks to Saudi Arabia will probably be canceled.

Marine Harvest ASA climbed 3.3%. The salmon farmer reported a higher first-quarter harvest than it had forecast.

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