Europe Stocks Little Changed as Miners Rally Offsets Media Drop

Europe Stocks Little Changed as Miners Rally Offsets Media Drop
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(Bloomberg) -- European stocks held steady after Friday's biggest rally in three weeks spurred by strong U.S. jobs data.

The Stoxx Europe 600 Index slid 0.1 percent at the close. ArcelorMittal led a gauge of mining stocks to the best gains among industry groups as steel and iron-ore prices surged. The measure is overtaking the broader benchmark in 2017 after lagging it in the first half. Media stocks slid 0.6 percent while drugmakers fell for the fourth time in five days.

  • Among shares active on corporate news, Paddy Power Betfair Plc slipped 4.7 percent after saying chief executive officer Breon Corcoran will step down after 16 years with the betting company.
  • PostNL NV fell 5.1 percent after predicting that full-year operating income will be near the lower end of a previously forecast range.
  • Data on Monday showed German industrial production unexpectedly slipped in June. That follows evidence last week that momentum at the start of the third quarter lagged behind that of France, Italy and Spain for the first time in 12 years. 
    • Germany's DAX Index slid 0.3 percent on Monday. The measure has turned into one of the biggest laggards among global peers since a June record.
  • The Stoxx 600 is down about 3.6 percent from a peak in May, amid bets that the strengthening euro will trim profit growth for the region's exporters.

    • --With assistance from Elena Popina

    To contact the reporter on this story: Sofia Horta e Costa in London at shortaecosta@bloomberg.net.

    To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Jeremy R. Cooke

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