The European markets are looking for direction – Losses of 1% for the banks

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European stocks are looking for direction earlier this week after the new high of the Stoxx 600 on Friday, with investors weighing recent data on rising inflation in the Eurozone, US and China with strong corporate results announced this the period.

Global market tone in recent weeks has been boosted by corporate earnings announcements along with data on inflation and the labor market from major economies, which will have an impact on the course of central bank monetary policy.

Euro markets start with mixed signs and small fluctuations per week, with the pan-European index Stoxx 600 to fall marginally to 486 points, with the banking sector recording the largest losses with a fall of 1%. On the other hand, the shares of the technology sector add 0.4%.

On the individual dashboard, the German DAX strengthened by 0.07% to 16,100 points, the French CAC 40 gains 0.18% to 7,100 points and the British FTSE 100 records small losses at 7,340 points.

In the periphery, the Italian FTSE MIB slips by 0.12% to 27,700 points and the Spanish IBEX 35 loses 0.8% around 9,000 units.

In corporate news Heineken NV has announced that it has agreed to buy Distell Group Holdings for € 2.2 billion as part of a plan to set up new businesses in South Africa. The Dutch brewery also said it acquired a 25% stake in Heineken South Africa from Namibia Breweries for € 1.5 billion, as well as a 50.1% stake in Ohlthaver & List Group of Companies in NBL Investment Holdings.

In addition, Ahold Delhaize announces it will seek to increase sales by € 10 billion by 2025, and will launch a € 1 billion own share purchase program at the beginning of the year.

Η Banco Bilbao Vizcaya Argentaria has decided to launch a takeover bid for Turkish Garanti BankasOr, for 2.25 billion euros. The Spanish bank stressed that it will offer 12.20 Turkish pounds for each share, in order to acquire 50.15% of Garanti.

Over the weekend, Airbus announced that it was reducing its forecast for 20-year demand for commercial aircraft by 0.5% compared to pre-pandemic forecasts, while raising its outlook for cargo carriers.

Meanwhile, Asian stock markets are moving with mixed signs on Monday as investors react to financial data from China and Japan.


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