European Shares Subdued; DAX Gains After German Vote Outcome
(RTTNews) - European stocks were broadly lower on Monday while the euro strengthened amid optimism over German election results.
The pan European STOXX 600 slid 0.2 percent to 552.68 after gaining half a percent on Friday.
France's CAC 40 dropped 0.6 percent and the U.K.'s FTSE 100 was marginally lower while the German DAX edged up by 0.1 percent after the centre-right Christian Democratic Union (CDU) emerged victorious in the 2025 German federal elections.
German defense stocks such as Hensoldt and Rheinmetall were up 3-4 percent.
BayWa AG fell 1.2 percent after Swiss energy investor Energy Infrastructure Partners (EIP) said it will raise its stake from 49 percent to 65 percent in the German agricultural group.
Prosus NV slumped 7.5 percent. The Dutch technology investor said it intends to buy Just Eat Takewaway.com's entire issued share capital for 4.1 billion euros. Shares of the latter soared 53 percent.
Swiss generic drug manufacturer Sandoz added 1 percent as it announced the launch of Pyzchiva, or ustekinumab-ttwe, in the U.S.
U.K. pharma group GSK gained nearly 2 percent after initiating a £2bn share buyback program.
B&M European Value Retail slumped 8 percent after an announcement that CEO Alex Russo will retire on April 30, 2025. The discount retailer also lowered its annual core profit forecast.
National Grid shares were up 1 percent. The company has agreed to sell its National Grid Renewables U.S. onshore renewables business to Brookfield Asset Management.
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