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European stocks kicked off the start of the trading week on a flat note, as the absence of London trade due to a bank holiday kept a lid on volumes. Chemicals and industrial names were in the lead.
The Stoxx Europe 600 index
SXXP,
was flat at 472, the German DAX
DAX,
and France CAC 40 indexes
PX1,
rose 0.1%. Economic data showed German consumer prices up strongly in August, according to preliminary data released by the country’s statistics office on Monday.
Consumer prices rose 3.9% on year, which was in line what was expected from economists polled by The Wall Street Journal. The euro
EURUSD,
was largely unchanged. Elsewhere, Eurostat data showed EU economic sentiment dropping from an all time highs reached in July, though still at an elevated level. The fall was confidence falls in France and the Netherlands.
Among companies on the move, shares of chemical group Lanxess
LXS,
led the gainers with a rise of 4.8%, and in that same sector, stock in heavily weighted Air Liquide
AI,
was up 1.6%.
Shares of Adva Optical Networking
ADV,
surged 13% after Adtran
ADTN,
a U.S.-based provider of telecommunications networking equipment and internet-working products said it would buy the European telecommunications vendor in an all-share deal worth EUR789 million ($930 million).
Travel stocks were in focus amid reports the European Union is expected to this week discuss reopening travel restrictions on nonessential travel from the U.S.. That’s partly due to a spike in COVID-19 infections in the U.S. Washington has also maintained a ban on EU travelers.
Shares of airline Deutsche Lufthansa
LHA,
slipped 1%, while stock in easyJet
EZJ,
and travel group TUI
TUI,
rose modestly.
