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European stocks fluctuate as PMI disappoints

European stocks dip on Monday as financial results from Switzerland’s largest bank, UBS, and fresh monthly services and manufacturing data disappointed traders.

Photo: Reuters

The pan-European STOXX 600 slid 0.2% to 381.02.

Germany's DAX 30 index dropped 0.3% to 12,501.97 and France's CAC 40 index lost 0.3% to 5,395.72. The UK’s FTSE 100 index edged up 0.1% to 7,372.99.

IHS Markit’s composite flash Purchasing Managers’ Index (PMI) for the euro area was unchanged in April at 14-month trough of 55.2. The euro zone economy continued to expand at a low pace in April,experts say. The growth pace has slowed significantly compared to the peak level of the beginning of the year.

UBS shares fell 3.4%. Switzerland's largest bank reported its first-quarter earnings rose by 19%, which, however, missed analyst estimates.

The shares of Philips jumped 4%. The company reported its first-quarter net income from continuing operations fell 27% due to restructuring costs and redemption of bonds.

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