European shares down in muted trading
Tuesday, 26 August 2008
PARIS, Aug 25 (AFP): European stock markets fell Monday in muted trading despite speculation over possible takeovers in the German banking and French energy sectors, with London closed for a public holiday.
Frankfurt's DAX 30 was down 0.27 per cent to 6,325.56 points early Monday afternoon, amid talk of a possible takeover by Germany's second biggest bank, Commerzbank, of Dresdner Bank, hit hard by the subprime loan crisis.
In Paris the CAC 40 shed 0.71 per cent to trade at 4,369.07 around noon, while shares in French energy group EDF rose 0.96 per cent to 57.79 euros, as the market awaited a slew of major company results later in the week.
"On Friday the markets rebounded, so there is perhaps a bit of profit-taking going on," trader Yves Marcais of Global Equities told the news agency, also citing a "small rebound in petrol" prices.
The EDF rise came after British Energy Minister Malcolm Wicks said in a newspaper interview that Britain continued to favour an EDF tie-up with British Energy, despite an earlier setback to a deal.
European stock markets had closed sharply higher Friday, ending a volatile week on a strong note as speculation about a bid for troubled US investment house Lehman Brothers gave financials a boost.
A rise in oil prices Monday to above US$115 a barrel provided little impetus to European trading. Oil had shed more than six dollars a barrel Friday after the dollar firmed.
On Monday the Euro Stoxx 50 index of leading eurozone companies shed 0.48 per cent to 3,296.36 in early afternoon trading.
Frankfurt's DAX 30 was down 0.27 per cent to 6,325.56 points early Monday afternoon, amid talk of a possible takeover by Germany's second biggest bank, Commerzbank, of Dresdner Bank, hit hard by the subprime loan crisis.
In Paris the CAC 40 shed 0.71 per cent to trade at 4,369.07 around noon, while shares in French energy group EDF rose 0.96 per cent to 57.79 euros, as the market awaited a slew of major company results later in the week.
"On Friday the markets rebounded, so there is perhaps a bit of profit-taking going on," trader Yves Marcais of Global Equities told the news agency, also citing a "small rebound in petrol" prices.
The EDF rise came after British Energy Minister Malcolm Wicks said in a newspaper interview that Britain continued to favour an EDF tie-up with British Energy, despite an earlier setback to a deal.
European stock markets had closed sharply higher Friday, ending a volatile week on a strong note as speculation about a bid for troubled US investment house Lehman Brothers gave financials a boost.
A rise in oil prices Monday to above US$115 a barrel provided little impetus to European trading. Oil had shed more than six dollars a barrel Friday after the dollar firmed.
On Monday the Euro Stoxx 50 index of leading eurozone companies shed 0.48 per cent to 3,296.36 in early afternoon trading.