European stocks traded mixed on Monday, with mining and energy stocks declining after Country Garden Holdings, a major property developer in China, missed bond payments and warned of multibillion-dollar losses.<\/p>\n
The company risks defaulting in September if it still cannot pay after a 30-day grace period.<\/p>\n
The pan European STOXX 600 traded 0.2 percent higher at 460.20, tracking gains in U.S. stock futures. <\/p>\n
The German DAX rose 0.6 percent after data showed Germany’s wholesale prices continued to decline in July.<\/p>\n
Wholesale prices posted an annual decline of 2.8 percent in July but slightly slower than the 2.9 percent fall in June. This was the fourth consecutive decline in prices.<\/p>\n
Month-on-month, wholesale prices dropped 0.2 percent, the same pace of decline as seen in June.<\/p>\n
France’s CAC 40 was up 0.4 percent while the U.K.’s FTSE 100 was down 0.3 percent, dragged down by commodity stocks. <\/p>\n
Miners Anglo American and Glencore both fell over 1 percent as the dollar firmed up on risk aversion amid concerns over China’s embattled property sector.<\/p>\n
Weaker oil prices sent energy stocks lower, with BP Plc and Shell both falling around 1 percent.<\/p>\n
Automakers traded mostly higher, with BMW up nearly 1 percent and Volkswagen adding half a percent after Tesla rolled out a new round of price cuts in China.<\/p>\n
Adesso jumped 6 percent after reporting a surge in its first-half EBITDA profit and confirming FY23 outlook.<\/p>\n
Banks were seeing broad-based gains, tracking gains in Eurozone government bond yields.<\/p>\n
Germany’s 10-year government bond yield hovered near a one-month high as investors assessed upside risks to the inflation outlook.<\/p>\n
Philips soared 5 percent after Dutch investment firm Exor took a 15 percent stake in the healthcare company. <\/p>\n