Europe close: Stocks end session on a mixed note amid drag from Asia
European markets struggled for direction on Monday as investors digested China's first Covid-19 deaths in six months, ending the session slightly lower for the most part.
The pan-European Stoxx 600 was down 0.06% at 433.06 with all major regional bourses lower, save for Spain's Ibex 35, which added 0.75% 8,188.40 after index heavyweight Santander announced a fresh buyback plan.
Nonetheless, losses elsewhere were light for the most part, with the German Dax down by 0.35% to 14,379.93 and the Cac-40 off by 0.15% to 6,634.45.
Milan's FTSE Mib however gave back 1.29% to 24,356.05.
Overnight, shares in Asia fell on Monday amid growing Covid worries in China as its central bank kept the benchmark lending rates, or loan prime rates, on hold.
The country reported the deaths of three people in Beijing over the weekend as its first in six months, with cases rising despite a stringent zero-Covid policy. Beijing reported 962 new infections on Monday, up from 621 a day earlier.
The National Health Commission on Sunday said it had recorded 26,824 local infections across the nation in the previous 24 hours, nearing April’s peaks.
In economic news, Germany’s producer prices fell unexpectedly in October by 4.2% month-on-month, compared with a gain of 2.3% in September. Annual producer inflation fell to 34.5% from a record 45.8% in September.
Oil prices were trading lower with West Texas Intermediate below $80 a barrel hit by worries about China’s economic outlook.
In equity news, UK bank Virgin Money surged 15% as it posted a 43% rise in annual profits and said it would return £50m to shareholders.
Compass shares fell despite the catering outsourcing outfit reporting higher profits.
HelloFresh ended 3% lower even after Goldman Sachs started coverage on the German meal-kit maker with a 'buy' recommendation.