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European Equities End Broadly Lower in Monday Trading; Anglo American Rejects Revised BHP Offer


Last updated: 05/13/2024 12:15:02

12:15 PM EDT, 05/13/2024 (MT Newswires) -- The European stock markets closed mostly lower in Monday trading as the Stoxx Europe 600 was off 0.03%, the Swiss Market Index was up 0.12%, France's CAC declined 0.12%, the FTSE fell 0.22%, and Germany's DAX closed 0.18% lower.

In Germany, the seasonally adjusted HCOB Germany Manufacturing PMI Export Conditions Index rose slightly to 51.2 in April from 51.0 in March and above the neutral 50.0 threshold for the third consecutive month. Despite the increase, the latest reading was below its long-run trend of 52.3.

In the UK, business activity continued to rise during April, according to regional PMI survey data from NatWest. London continued to lead growth, recording its steepest rise in output in three months to climb to an index reading of 57.4.

In Switzerland, the consumer sentiment index registered a -38 in April, which was unchanged from a year earlier.

In Ireland, the headline seasonally adjusted BNP Paribas Real Estate Ireland Construction Total Activity Index rose to 53.2 in April from 51.6 in March and topped the 50.0 threshold for the second straight month. It was the first back-to-back increase in activity in nearly two years.

And in corporate news, Anglo American rejected a revised proposal by BHP Group (BHP) for an all-share offer valuing the firm at about 34 billion pounds ($42.67 billion), the company said. It said the structure of BHP's revised offer is unchanged from the proposal it previously rejected and "continues to significantly undervalue Anglo American and its future prospects."

Shares of Anglo American closed 2.4% lower on the FTSE in London.

UBS Chief Executive Sergio Ermotti said the Swiss bank is trying to avoid delays in the integration of its technology and data systems with those of Credit Suisse as that would decrease expected synergies, Reuters reported. UBS is expecting $13 billion in cost savings, mostly from workforce reduction and integration of information technology systems, according to the report.

Automotive stocks rallied in Monday trading, with Stellantis up nearly 4 and Renault gaining over 2%. German tiremaker Continental was up 1.9%, Volkswagen increased 1.5%, and BMW up 1.3%.
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