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