European Shares Subdued Before Inflation Data; Defense Stocks Surge
(RTTNews) - European stocks were subdued on Monday, even as defense stocks climbed amid the prospect of higher defense spending in Europe to deter Russian aggression.
Media reports suggest that Germany could approve a fund to boost defense spending before the outgoing parliament steps down next month.
Traders also shifted focus to the European Central Bank meeting due on Thursday, with economists expecting another 25-bps rate cut.
Eurozone flash inflation figures and final factory PMI data may garner some attention later in the session.
The pan European STOXX 600 slipped 0.2 percent to 55.31 after ending marginally higher in the previous session.
The German DAX was marginally lower and France's CAC 40 shed 0.2 percent while the U.K.'s FTSE 100 was up 0.2 percent.
Rheinmetall shares jumped 9 percent, BAE Systems soared 14 percent and Leonardo rallied 10 percent.
Rio Tinto shares were half a percent higher. The mining major said its East Intercourse Island facility at Dampier Port has resumed operations after flooding from Tropical Cyclone Sean.
ING Groep NV gained half a percent after it agreed to acquire a minority stake in Dutch private bank Van Lanschot Kempen N.V.
J Sainsbury fell more than 1 percent. The U.K. supermarket chain said it has completed the sale of its Argos Financial Services store card portfolio to NewDay Group.
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