4:00 PM Frankfurt – European markets lost ground in a volatile trading session. Banks declined on reports that the European Central Bank reviewed non-performing loans at large banks. Adidas surged 5.1% after appointing new chief executive.
Stock markets in Europe traded down on Monday on the news that the European Central Bank was reviewing non-performing loans at major banks and energy stocks remained volatile.
In Paris trading, Credit Agricole tanked 5.7%, while in Milan, UniCredit fell 4.6% and Mediobanca Banca di Credito Finanziario shed 4.2%.
Oil prices remained volatile but staged a rebound after sanctions on Iran were narrowed but Oman said it may cut oil production between 5% and 10%.
In the afternoon trading, Brent crude traded at $28.91, up from previous session low of $27.72 and traded below the yesterday’s closing price of the U.S. crude in New York trading.
Energy companies were mixed, with Total SA up 1.4% and BP Plc gaining 1%.
Trading volume remained light ahead of key data releases this week and as the U.S. financial markets remained closed in observance of Martin Luther King Day.
The meeting of ECB this week is expected to provide more economic stimulus after the recent steep losses in European shares.
Investors are also awaiting the latest gross domestic product of China on Tuesday, since the growth of the Chinese economy is crucial for many European companies.
In London trading, FTSE 100 index slipped 21.62 or 0.37% to 5,782.48 and in Frankfurt the DAX index fell 22.12 or 0.23% to 9,523.15.
In Paris, CAC 40 index was down 22.02 or 0.52% to 4,188.14.
surged 5.13% to €88.32 after the sportswear producer announced management change.
The company replaced CEO Herbert Hainer with Kasper Rorsted, currently CEO of Henkel AG, the German leader in home care products.
Henkel stock fell 3% on the news.
Amec Foster Wheeler Plc
added 1.7% to 395 pence, after Chief Executive Samir Brikho resigned and 2015 trading results were in line with expectations.
Banca Monte dei Paschi di Siena SpA
fell 14.7% to €0.77 due to concerns that the consolidation among Italian banks could be delayed.
continued to slide and lost 1.2% to €74.24 and extended loss of 13% last week on the news that the automaker is investigated for emission-related fraud.
The government commission said that Renault has not been using illegal software to alter emission tests, but it found that some cars had exceeded emission limits on-road-driving conditions.
On Monday afternoon, the company was scheduled to offer its official explanation to the commission.
And prior to the meeting, Thierry Koskas, a senior Renault official, said that the company was working on a technical plan to reduce emissions.