Big oil, banks gives Europe stability, autos driven lower by Fiat
* STOXX 600 up 0.2 pct
* Oil stocks, banks lend support
* Fiat falls after U.S. lawsuit
* Glencore dips, makes approach to Bunge (Adds quotes and detail, updates prices)
By Kit Rees
LONDON, May 24 (Reuters) - European shares, stuck just below 21-month highs for more than a week, struggled to gain momentum on Wednesday, with strength in oil producers was offset by weakness in mining and autos stocks.
European oil & gas stocks .SXEP were lifted by BP BP.L and Royal Dutch Shell RDSa.L , while banking shares .SX7P were also firmer, underpinning the pan-European STOXX 600 .STOXX index, which was up 0.1 percent.
Among the national markets, Britain's FTSE 100 .FTSE rose 0.2 percent, while Germany's DAX .GDAXI fell 0.2 percent, weighed down by stocks including Hugo Boss BOSSn.DE and Evonik EVKn.DE going ex-dividend.
European auto stocks .SXAP were the biggest sectoral fallers, down more than 1 percent. They were led lower by a 2.5 percent fall in Daimler DIAGn.DE , which extended losses after its sites were searched on Tuesday by German prosecutors in an emissions probe, and a 1 percent fall in Fiat Chrysler FCHA.MI . in the Italian carmaker recouped some of their earlier losses after the U.S. government sued it over emissions. case is likely to take a long time (VW settled in 16 months) and should weigh on FCA's share price for some time as the message regarding the execution of its 2018 plan is likely to be overwhelmed," analysts at Barclays (LON: BARC ) said in a note.
Miners were another weak spot with the basic resources index .SXPP declining 0.7 percent following a dip in copper . MET/L
Mining giant Glencore GLEN.L was also 1.1 percent lower after it said that it had made an informal approach to U.S. grains trader Bunge BG.N to discuss "a possible consensual business combination". the positive side, a well-received set of fourth-quarter results from Dixons Carphone DC.L lifted its shares more than 4 percent, while Britvic 's BVIC.L first-half update also boosted its shares.
British retailer Kingfisher KGF.L was the biggest STOXX faller, however, down more than 6 percent after a trading update, while engineer Babcock BAB.L also fell 2.3 percent after its full-year results. in aerospace groups Safran SAF.PA and Zodiac ZODC.PA , whose merger plans have been criticised by some investors, were suspended on Wednesday. (Editing by Vikram Subhedar and Alexander Smith)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or