By Carla Mozee, MarketWatch
European stocks rose Monday, finding higher ground in part as
the euro backed off roughly three -month highs.
The Stoxx Europe 600 rose 0.2% to 397.37, cutting into Friday's
0.4% loss
(http://www.marketwatch.com/story/european-stocks-build-on-draghi-inspired-gains-2015-05-15),
which came after weak data underscored concerns about U.S. economic
growth and pushed the euro (EURUSD) higher against the dollar.
Germany's DAX 30 , which has recently been sensitive to moves in
the euro, was up 0.8% as the shared currency slipped to $1.1373,
from $1.1449 late Friday in New York. The euro hadn't traded at
$1.14 since February.
Also Monday, France's CAC 40 edged up 0.2% at 5,001.47, and the
U.K.'s FTSE 100 gained 0.4% to 6,990.99.
But Italy's FTSE MIB fell 1.2%, with a number of its
constituents moving lower as shares traded without dividend rights.
Energy company Eni SpA fell 2.4%, power provider Enel SpA was down
0.5% and eyewear maker Luxottica Group SpA shed 1.5%.
Corporates: Among other movers, Aveva Group PLC topped the Stoxx
600, surging 13% after The Sunday Times said a group of European
and American conglomerates are working on bids for the software
developer
(http://www.thesundaytimes.co.uk/sto/business/Tech_and_Media/article1557075.ece).
OMV AG shares lost 5% as the Austrian oil and gas company posted
a 46% drop in first-quarter net income
(http://www.marketwatch.com/story/omv-profit-falls-on-low-oil-prices-shutdowns-2015-05-18),
due to low oil prices and production shutdowns in Yemen and
Libya.
Inmarsat PLC dropped 3% after the mobile satellite
communications services company said the launch of its third Global
Xpress satellite has been delayed
(http://www.marketwatch.com/story/inmarsat-delays-launch-of-global-xpress-satellite-2015-05-18).
The delay will have a small negative effect on 2015 revenue and
earnings, it said.
Greek debt crisis: Greece remains a focus for investors in
Europe, as the uncertainty over the country's debt situation
persists. On Friday, ratings service DBRS Inc. cut its rating on
Greece, which faces a key repayment deadline on June 5. "The next
two weeks in Greece are going to be crucial," said analysts from
Barclays in a note. In Athens, the Athex Composite Index slumped 2%
to 795.98 on Monday.
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