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European stocks slipped Monday, giving some of last week’s rally as traders continued to focus on the reopening of the global economy.
Up 7.1% last week and 2.5% on Friday, the Stoxx Europe 600 SXXP, -0.57% fell 0.4%.
The German DAX DAX, -0.80% fell 0.6%, French CAC 40 PX1, -0.62% lost 0.4% and U.K. FTSE 100 UKX, -0.32% eased 0.3%.
The U.S. on Friday reported it added 2.5 million jobs in May, surprising economists who had forecast a decline.
France’s labor minister, Muriel Pénicaud, told France Info that economic activity is 80% of normal.
Germany on Monday said it suffered a record drop in industrial production, of 17.9%, in April.
“The lifting of the lockdown measures should lead to a strong rebound in economic activity and also industrial production in May and June. However, at least for German industry, the period after the imminent rebound does not look too promising,” said Carsten Brzeski, chief economist for the eurozone and global head of macro at ING.
Fed officials aren’t prepared to announce any decision on so-called yield caps when their two-day policy meeting concludes Wednesday, The Wall Street Journal reported.
AstraZeneca AZN, -2.61% slipped 2.1% after Bloomberg News said it approached Gilead Sciences GILD, -1.01% last month over buying the maker of remdesivir. AstraZeneca said it doesn’t comment on rumor or speculation.
UBI Banca UBI, +3.96% rose 2.8% after Intesa Sanpaolo ISP, +2.21% said it has received authorization from the European Central Bank to acquire a controlling majority in it. Intesa shares edged up 0.5%.
