EUROPE MARKETS: European Stocks Catch Their Breath After Downbeat German Data

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

PostNL, Paddy Power Betfair tumble, weighing on region's main benchmark

Continue Reading Below

European stocks largely paused Monday after the prior week's sizable rally, limited by a downbeat reading on German industrial output and tumbles for PostNL NV and Paddy Power Betfair PLC.

The Stoxx Europe 600 edged down by 0.2% to 381.77. That's after the benchmark on Friday gained 1% (http://www.marketwatch.com/story/european-stocks-hold-steady-with-us-jobs-update-in-focus-2017-08-04) for its biggest percentage rise in three weeks, with analysts pinning the jump on an encouraging U.S. jobs report. The gauge tacked on 1.1% last week.

On Monday, industrial output in Europe's largest economy surprisingly fell at the end of the second quarter, data from Germany's Economics Ministry showed (http://www.marketwatch.com/story/german-industrial-output-surprises-with-a-fall-2017-08-07).

Meanwhile, PostNL's shares (PNLYY) fell 5% for the Stoxx 600's second-biggest drop after the parcel delivery company reportedly said quarterly profit would come in at the bottom half (http://www.nu.nl/beurs/4871048/postnl-stelt-winstverwachting-beneden-bij.html) of its expected range.

Paddy Power Betfair (PPB.DB) slumped 7% for the gauge's largest fall after the online betting company said its current Chief Executive Breon Corcoran is stepping down (http://www.marketwatch.com/story/paddy-power-betfair-ceo-corcoran-to-step-down-2017-08-07-24853544) after 16 years with the company. Paddy Power named Peter Jackson as his successor.

Continue Reading Below

On the upside, Banco BPM SpA (BAMI.MI) was among the Stoxx 600's biggest gainers, rising 3% after posting results that were in line with expectations. The Italian bank's guidance was also strong, according to a Dow Jones Newswires report.

Miners advanced as well, helped by a rally in iron ore prices. ArcelorMittal (MT) gained 3%.

Among national indexes, Germany's DAX 30 lost 0.4% to 12,247.04, while France's CAC 40 edged up by 0.1% to 5,207.32.

The U.K.'s FTSE 100 (http://www.marketwatch.com/story/ftse-100-hovers-at-6-week-high-bolstered-by-mining-stocks-2017-08-07) added 0.1% to 7,519.15.

.

(END) Dow Jones Newswires

August 07, 2017 06:12 ET (10:12 GMT)