Europe open: Stoxx in sluggish mood; Commerzbank in focus

23rd Sep 2024 07:43

(Sharecast News) - European stock markets edged ahead at the open on Monday, taking their cue from Asia, while Commerzbank shares were in focus after the German government decided to keep its stake in the lender.

The pan-regional Stoxx 600 index was up 0.03% in early trade at 514 with major bourses mixed. Traders were looking ahead to eurozone PMI data later in the day.

In economic news, China's central bank unexpectedly lowered its key 14-day reverse repo rate by 10 basis points in an attempt to encourage banks to lend more freely.

In equity news, Commerzbank shares fell more than 3.5% after the German government said it would keep its stake in the bank for now, in a move that dented hopes of a merger with Italy's UniCredit.

BNP Paribas fell after announcing a deal to buy HSBC's private banking unit in Germany, which it expected to be finalised in the second quarter of 2025.

Australian property listing firm REA Group sweetened its offer for UK rival Rightmove with a £6.1bn offer sending Rightmove shares higher.

AstraZeneca fell as the pharma giant said its experimental precision drug developed with Daiichi Sankyo did not significantly improve overall survival for patients with a type of breast cancer in a late-stage trial.

Reporting by Frank Prenesti for Sharecast.com