European Stocks Fail To Hold Early Gains, Closed On Mixed Note

(RTTNews) - European stocks started off on a firm note on Monday, but after several key indices rose to multi-month and multi-year highs, pared gains and ended mixed as investors turned cautious and looked ahead to more earnings and economic data from the U.S. for more clarity on the state of the world's largest economy.

Dovish comments from Bank of Japan's Governor and the People's Bank of China, and optimism about Chinese economy lifted sentiment early on in the session.

The Chinese economy is expected to have grown 4% in the first quarter versus 2.9% earlier. Industrial production in March is seen rising to 4% from 2.4% in the previous period.

The pan European Stoxx 600 edged down 0.01%. The U.K.'s FTSE 100 ended 0.1% up, Germany's DAX ended lower by 0.11%, and France's CAC 40 ended with a loss of 0.28% after scaling a new peak. Switzerland's SMI drifted down 0.27%.

Among other markets in Europe, Belgium, Denmark, Greece, Ireland, Norway, Poland, Portugal, Russia and Spain ended higher.

Czech Republic, Iceland, Netherlands and Turkiye closed weak, while Austria, Finland Sweden ended flat.

In the UK market, IAG, RS Group, Weir Group, Ashtead Group and Ocado Group gained 2 to 3%.

Smurfit Kappa Group, Airtel Africa, Rio Tinto, Flutter Entertainment, Tesco, Informa, Mondi, IHG, Anglo American Plc, Taylor Wimpey, Reckitt Benckiser, BT Group, Auto Trader Group and Smith DS gained 1 to 2%.

ABRDN, Barclays, Prudential, M&G, Beazley, Melrose Industries, Fresnillo, Natwest Group and HSBC Holdings ended lower by 1 to 2.3%.

In the German market, MTU Aero Engines rallied 2.5%. Daimler, HeidelbergCement, Continental, Covestro and Henkel gained 1 to 1.6%.

Commerzbank ended more than 3% down. Munich RE, Hannover Rueck, Puma and Deutsche Bank lost 2 to 2.6%. Adidas, Fresenius Medical Care, Mercedes-Benz, Porsche and Allianz also ended notably lower.

In Paris, Publicis Groupe, Safran and WorldLine climbed 2 to 2.5%. Airbus, Bouygues, Pernod Ricard, Danone, Orange, ArcelorMittal and Carrefour gained 1 to 1.5%.

Renault ended nearly 4% down. The company, which reported a 9% surge in sales in the first quarter, announced that it is reviewing its pricing policies of electric cars worldwide after Tesla cut prices to boost demand.

Capgemini lost more than 3%. LVMH, Essilor, Societe Generale, BNP Paribas and Hermes International lost 1.7 to 2.1%. Kering, AXA, Credit Agricole and Stellantis also ended notably lower.