PARIS (Alliance News) - The European markets are trading lower on Monday, as geo-political tensions continued to weigh on investor sentiment and corporate news remained mixed. Investors chose to ignore positive earnings reports from the US which lifted markets in Asia.
In economic news, German producer prices continued to decline in June, albeit at a slower pace, data from the German statistical office Destatis showed. Producer prices fell 0.7% year-over-year in June, confirming consensus estimates, following the 0.8% drop in May.
The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.40%, while the Stoxx Europe 50 index, which includes some major UK companies, is falling 0.22%.
The German DAX is declining 0.67% and the French CAC 40 is losing 0.29%. The UK'sFTSE 100 is falling 0.30% while Switzerland's SMI is marginally higher.
In Frankfurt, Deutsche Post is losing 1.9%, after JPMorgan cut its price target on the stock.
K+S is falling 1.6% and Lanxess is sliding 1.1%.
Commerzbank is retreating 1.4% and Deutsche Bank is moderately lower.
Utilities RWE and E.ON are moderately higher.
In Paris, Renault is losing 1.3% and Peugeot is declining 3.5%.
Lafarge is falling 1.2% and Airbus is down around 1%.
Technip and Valeo are moderately lower.
In London, BskyB is losing 2.1%. The company said Sky has acquired a 70% stake in Love Productions, a UK-based independent production company.
Barratt Developments and Pearson are each sliding 1.8%.
Tesco, which announced a new chief executive, is gaining 2.8%.
BAE Systems and Babcock International are gaining 1.3% and 1.1%, respectively.
Philips, which reported second-quarter results, is losing 0.4% in Amsterdam.
Julius Baer is up 6.2%, after reporting increased profit for the first half of the year.
Norsk Hydro is moderately lower in Oslo after its chief executive officer Svein Richard BrandtzÆg decided to leave for Yara International. Yara is gaining 1.2%.
The Asian stocks ended mostly higher as investors shifted their attention to upbeat earnings reports from US companies.
In the US, futures point to a lower open on Wall Street. In the previous session, stocks posted solid gains on Friday as investors reacted positively to the latest batch of earnings from companies such as Google and Honeywell. The Dow rose 0.7%, the Nasdaq rallied 1.6% and the S&P 500 added a percent.
Crude for September delivery is sliding USD0.01 to USD101.94 per barrel, while August gold is rising USD5.6 to USD1315.0 a troy ounce.