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Market Update

European Markets Fall, Sainsbury to Close Netto UK Stores

Author: Sarla Buch
Last Update: 11:46 AM ET July 04 2016

4:00 PM Frankfurt European market indexes traded down in volatile trading. ECB notified the Banca Monte dei Paschi di Siena to reduce bad loans by 2018. Sainsbury andDansk Supermarketd terminated Netto UK stores venture. LSE investors approved merger agreement with Deutsche Boerse.

Volatile market indexes in the euro zone closed down and trading in commodities and currencies dominated stock markets.

In London trading, FTSE 100 index fell 47.65 or 0.7% to 6,529.94 and in Frankfurt the DAX index slumped 48.16 or 0.5% to 9,728.02.

In Paris, CAC 40 index dropped 32.20 or 0.7% to 4,241.82.

Banca Monte dei Paschi di Siena SpA, the Italy-based financial services provider was notified by the European Central Bank and notified that the bank need to reduce the ratio of total non-performing loans and total loans in the next three years.

J Sainsbury Plc slipped 1.6% to 232.30 pence after the U.K.-based supermarkets and convenience stores operator and Denmark-based Dansk Supermarked Group announced to terminate the joint venture of Netto UK stores.

Sainsbury invested about 20 million in the venture that would be written down to zero and the retailer expects to face the costs of around 10 million to close the business.

The grocers said 16 stores will continue to trade in July and will close during August.

London Stock Exchange Group Plc slipped 1.9% to 2,475 pence after shareholders of the U.K.-based trading services provider approved a plan for all-share merger with Germany-based Deutsche Boerse to create the leading European stock exchange.

Low & Bonar Plc soared 7.1% to 64 pence after the U.K.-based construction materials provider agreed to sell its artificial grass yarns production business for 27 million to carpet backing and grass yarn manufacturer Mattex Group on a cash-free, debt-free basis.

The transaction is expected to close before the end of this month.

RWE AG jumped 3.7% to 14.93 after the Germany-based utility provider signed an agreement with Qatargas to deliver up to 1.1 million tons of liquefied natural gas per year to RWE Supply & Trading in northwest Europe for seven and a half years.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc