Skip to Content
Market Update

European Stocks Little Changed Amid Choppy Trades

European bourses were trading little changed in a choppy session early Monday amid reports that Portuguese leaders failed to reach a consensus on the future of the country's bailout package.

At the time of writing, the FTSE 100 was down 0.2%, the CAC 40 Paris lost 0.1% and the DAX Frankfurt was also 0.1% lower.

Portugal's bailout woes deepened over the weekend after the nation's main political party broke off talks on a "national salvation pact" that was meant to ensure an EU/IMF backed international bailout plan stayed on track.

Traders will keep a keen eye on developments in Portugal even as president Anibal Cavaco Silva has ruled the possibility of snap polls. Political instability has already compelled the government to seek more time for the eighth review of the bailout by its creditors.

Stocks on the Move

Financial stocks were in focus after UBS AG posted latest results. Societe Generale SA added 1.1% while BNP Paribas climbed 0.7% in France.

German lender Deutsche Bank AG rose 1.8% while Commerzbank AG added 0.8%.

In London, Lloyds Banking Group moved 0.8% up while Barclays Plc improved 1.3%.

Miners were also modestly higher. BHP Billiton Plc. and Rio Tinto Plc. were up 0.3% each while Anglo American Plc. enhanced around a percent.

In company specific news, GlaxoSmithKline said some of its senior executives acted against the Chinese law amid a bribery scandal in China. Shares of the drugmaker slipped 1%.

Other drugmakers were also trading lower. AstraZeneca Plc. lost 0.1% while Reckitt Benckiser Group Plc. eased 0.2% in London.