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European Stocks Drift Lower, Prosus Hits 1-Year Low

European stocks eased from all-time highs on Monday after regulatory concerns knocked Asian markets lower, while automakers retreated following a strong showing last week.

By 07013 GMT, the pan-European STOXX 600 index fell 0.4%, with automakers leading losses.

Porsche slid 4.5% as it traded without entitlement for dividend, while French car parts maker Faurecia slipped 1.1% despite raising its 2021 net cash flow target.

Dutch technology investor Prosus NV, which has a 28.9% stake in Chinese internet giant Tencent, tumbled 6.9% to a one-year low after Beijing intensified its regulatory crackdown on Tencent.

Meanwhile, Europe’s largest low-cost carrier Ryanair rose 2.1% as it nudged up its forecast for full-year traffic on strong summer bookings.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)

Source: Reuters

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