European Shares Struggle For Direction; Defense Stocks Decline
2024-08-17
1050
(fxcue news) - European stocks struggled for direction on Monday after gaining for four days in a row on optimism over potential U.S. rate cuts.
The pan European STOXX 600 was marginally higher at 511.68 after logging its best week since May 6 on Friday.
The German DAX dipped 0.1 percent and the U.K.'s FTSE 100 shed 0.2 percent while France's CAC 40 traded flat with a positive bias.
Aerospace and defense stocks inched lower after reports suggested that Germany, the second largest contributor of aid to Ukraine, plans to halve its military aid to Kyiv in 2025 due to spending cuts.
BAE Systems, Rolls-Royce Holdings, Rheinmetall and Saab AB fell 2-6 percent.
Plus500 jumped 4.1 percent after the online trading platform announced a strong set of interim results and forecast its annual results to be above market view.
British housebuilder Barratt Developments gained 0.8 percent and rival Redrow rallied 2.3 percent. The two companies announced in a joint statement that a merger deal between them will be completed later this week.
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