Europe open: Stocks little changed as investors digest trade data
European stocks were little changed in early trade on Monday as investors mulled the latest trade figures out of China and Germany.
At 0940 BST, the benchmark Stoxx Europe 600 index and France’s CAC 40 were flat at 469.99 and 6,818.64, respectively, while Germany’s DAX was 0.1% lower at 15,746.00.
Neil Wilson, chief market analyst at Markets.com, said it was a "meek start" to equity trading in Europe following another record-breaking session for Wall Street on Friday.
"The Dow Jones and S&P 500 both rose to new all-time closing highs after a stellar jobs report indicated the US economy is purring, whilst a very strong earnings season has underpinned support for the broader market," he said. "Shares in London and Frankfurt were a tad lower though the Euro Stoxx 50 was steady, the dollar hit its strongest versus the euro in four months, oil prices were weaker, and gold declined sharply overnight."
Market participants were digesting the latest trade data out of China, which showed export and imports growth slowed in July. Exports rose 19.3% from a year ago, down from a 32.2% increase in June and missing expectations of 20.8% growth. Imports were 28.1% higher than a year earlier, coming in below expectations for a 33% jump.
In Germany, meanwhile, exports increased by 1.3% month-on-month in June, up from 0.4% in April and making the fourteenth consecutive increase. However, imports fell 0.6% on the month, from 3.47% in May, widening the trade surplus to €22.5bn. On the year, exports were up by more than 23%.
In equity markets, UK food delivery group Deliveroo surged after German rival Delivery Hero took a 5.09% stake in the company.
Elsewhere, HeidelbergCement was knocked lower by a downgrade to ‘underweight’ at Barclays.