European stocks fell, as investors assessed equity valuations following the biggest weekly rally since March.
The Stoxx Europe 600 Index dropped 0.3% to 346.89.
Released German data confirmed the fall of industrial production to -1.8% m/m, +1.3% y/y from -0.3% m/m, +1.8% y/y previously. This is another argument in favor of euro zone economical weakness.
Later rate managed to recover up to $1.3600 after the investor’s confidence tracked by the Sentix index in the euro area surprised markets to the upside for the month of July, advancing to 10.1 vs. 7.5 expected and up from June’s 8.5.
BME slid 2.6%. Credit Suisse Group AG initiated its coverage of the Spanish exchange operator with a neutral rating.
Deutsche Boerse declined 2.5% after the brokerage lowered it to underperform, the equivalent of a sell, from neutral.
TeliaSonera gained 2.6%, while Tele2 rose 2.2%. TeliaSonera will pay 5.1 billion kronor ($744 million) for Tele2’s Norwegian unit. TeliaSonera said the deal will increase its mobile market share in Norway to about 40% from 23% while, the mobile subscription base will rise to 2.7 million from 1.6 million.
Banco Espirito Santo SA jumped 2.9%. Espirito Santo Financial Group SA, the bank’s largest shareholder, proposed naming Vitor Bento as chief executive officer and Joao Moreira Rato as chief financial officer, according to a statement. Credit Agricole SA, which holds a 14.6% stake in BES, said it will support the proposals.
