PostNL, Paddy Power Betfair tumble, weighing on region's main benchmark
European stocks largely closed flat to lower Monday after the prior week's sizable rally, limited by a downbeat reading on German industrial output and tumbles for Paddy Power Betfair PLC and PostNL NV.
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The Stoxx Europe 600 edged down by 0.1% to finish at 382.01. 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, Paddy Power Betfair (PPB.DB) slumped 4.7% for one of the Stoxx 600's largest falls 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.
PostNL's shares (PNLYY) fell 5.1% 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.
Miners move higher: Mining stocks were among the day's notable gainers, helped by a rally in iron ore prices. ArcelorMittal (MT) tacked on 4.7% for the Stoxx 600's largest move up.
Futures for iron-ore and other base metals rose in Asia trading on Monday, noted a Commerzbank team of analysts. "Prices there continue to be pushed up by speculation that the government in China will order further production capacities to be shut down," the analysts said in a note to clients.
Also on the upside, Banco BPM SpA (BAMI.MI) rose 2.5% after posting results that were in line with expectations. The Italian bank's guidance was also strong, according to a Dow Jones Newswires report.
Other key gauges: Among national indexes, Germany's DAX 30 lost 0.3% to end at 12,257.17, while France's CAC 40 edged up by 0.1% to 5,207.89.
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 0.3% to close at 7,531.94, boosted by its mining stocks.
The euro traded at $1.1789, up slightly from $1.1774 late Friday in New York.
(END) Dow Jones Newswires
August 07, 2017 12:14 ET (16:14 GMT)