European Markets Finished Mixed On Greek Worries

(RTTNews) - The European markets ended the first session of the new trading week with mixed results. Eurozone manufacturing results came in slightly weaker than expected this morning. Investors also continue to monitor the situation in Greece, after the country missed a self-imposed Sunday deadline for reaching an agreement with its creditors to unlock aid. Negotiations on a cash-for-reforms deal will begin anew this week.

Economy Minister George Stathakis, however, said in an interview with Real News newspaper published Friday that there would not be any problem with the first payment of about 300 million euros due to the IMF on June 5.

The manufacturing sector in China barely expanded in May, the latest report from the National Bureau of Statistics showed on Monday, with a manufacturing PMI score of 50.2. That missed forecasts for a score of 50.3, although it was up slightly from 50.1 in April.

The manufacturing sector in China continued to contract in May, the latest report from HSBC Bank showed on Monday, with a manufacturing PMI score of 49.2. That was in line with expectations, and it represented a slight upward revision from last month's flash estimate reading of 49.1.

The Euro Stoxx 50 index of eurozone bluechip stocks increased by 0.12 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, finished unchanged.

The DAX of Germany climbed by 0.19 percent and the CAC 40 of France rose by 0.35 percent. The FTSE of the U.K. dropped by 0.44 percent, but the SMI of Switzerland finished higher by 0.32 percent.

In Frankfurt, Bayer rose by 0.89 percent. The company's CropScience unit agreed to acquire SeedWorks India Pvt. Ltd. for undisclosed terms. Further, the company said its MaterialScience business would be called Covestro, effective September 1.

Fresenius climbed by 0.48 percent and Fresenius Medical Care added 0.37 percent. Merck also finished higher by 0.69 percent.

In Paris, Sanofi increased by 1.02 percent, on a positive day for pharma stocks.

Pernod Ricard rose by 1.64 percent and Orange gained 1.32 percent.

In London, British American Tobacco fell by 0.36 percent. The company announced that it agreed to acquire TDR d.o.o. and other tobacco and retail assets from Adris Grupa d.d. for a total enterprise value of 550 million euros.

Lloyds Banking Group gained 1.01 percent, after the British Government reduced its stake in the bank by another percentage point to 18.99 percent.

Mining stocks pulled back on Chinese manufacturing data. Anglo American dropped by 2.24 percent and Glencore declined by 2.15 percent.

AstraZeneca announced preliminary efficacy and safety data for AZD9291 in the first-line treatment of epidermal growth factor receptor mutation positive advanced non-small cell lung cancer. The stock dipped by 0.14 percent.

Roche gained 1.27 percent in Zurich. The company's Phase 2 trial of Perjeta in combination with Herceptin or trastuzumab and docetaxel chemotherapy given prior to surgery reduced the risk of disease getting worse and increased the time people lived without their cancer returning compared to Herceptin and chemotherapy in people with HER2-positive early breast cancer or eBC.

Eurozone manufacturing sector continued to expand in May but the latest pace of expansion was slightly weaker than the initial estimate, final data from Markit Economics showed Monday. The final manufacturing Purchasing Managers' Index came in at 52.2, matching March's ten-month high but just below the flash estimate of 52.3. In April, the score was 52.

Germany's manufacturing sector expanded less than initially estimated in May, final data from Markit Economics showed Monday. The Markit/BME manufacturing PMI fell to 51.1 from 52.1 in April. The flash score was 51.4.

Germany's EU measure of inflation rose more-than-expected in May to its highest level in seven months, preliminary data from the Destatis showed Monday. The harmonized index of consumer prices climbed 0.7 percent year-on-year following a 0.3 percent rise in April. Economists had expected an inflation figure of 0.6 percent.

The French manufacturing sector reported a moderation in the pace of contraction in May, final data published by Markit Economics revealed Monday. The Purchasing Managers' Index rose more than estimated to 49.4 in May from 48 in April. The latest reading was the highest for a year and was only slightly below the neutral 50 mark. The flash score was 49.3.

British manufacturing continued to expand at a moderate pace in May after a marked slowdown in April, as a solid domestic market offset lackluster demand from overseas in the latest month.

The Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, rose marginally to 52.0 in May from 51.8 in April, survey figures from Markit Economics showed Monday. Economists had expected the indicator to rise to 52.8 from April's originally estimated value of 51.9.

While the U.S. Commerce Department released a report on Monday showing that personal income increased by slightly more than expected in April, the report also showed that personal spending unexpectedly came in nearly flat.

The report said personal income rose by 0.4 percent in April after inching up by less than a tenth of a percent in March. Economists had expected income to climb by 0.3 percent.

Meanwhile, the Commerce Department said personal spending dipped by less than a tenth of a percent in April following an upwardly revised 0.5 percent increase in March. Spending had been expected to edge up by 0.2 percent compared to the 0.4 percent increase originally reported for the previous month.

Activity in the U.S. manufacturing sector grew faster than anticipated in the month of May, according to a report released by the Institute for Supply Management on Monday.

The ISM said its index purchasing managers index climbed to 52.8 in May from 51.5 in April, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to inch up to 51.8.

Reflecting notable increases in spending on both private and public construction, the Commerce Department released a report on Monday showing that U.S. construction spending jumped by much more than expected in April.

The report said construction spending surged up by 2.2 percent to an annual rate of $1.006 trillion in April from the revised March estimate of $984.0 billion. Economists had expected construction spending to rise by 0.7 percent.