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 (PPB.DB).
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The Stoxx Europe 600 edged up by less than 0.1% to 382.75. 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 7% for the Stoxx 600's 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) dropped 6% 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 2% 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 inched higher by 0.1% to 12,310.94, while France's CAC 40 showed more life, rising 0.3% to 5,216.42.
The U.K.'s FTSE 100 added 0.2% to 7,529.25.
(END) Dow Jones Newswires
August 07, 2017 04:06 ET (08:06 GMT)