A view of the Novartis headquarters in Basel. In Zurich, shares in Novartis rose 4.31% to 85.90 Swiss francs on trial data showing the potential effectiveness of a new treatment LCZ696 for heart conditions.
AFP/London
European stocks ended flat yesterday, held down by concerns over the Ukraine crisis and by weak manufacturing data, and the rouble and euro were weak.
The euro was weak against the US currency before Thursday’s European Central Bank (ECB) meeting when policymakers will consider their next move to counter the threat of deflation in the eurozone. The single currency also fell further against sterling, but edged up against the yen.
US markets were closed for a holiday.
By the close of trading, Frankfurt’s main DAX index edging up 0.09% to 9,479.03 points. London’s benchmark FTSE 100 gained 0.08%, ending on 6,825.31 points, while in Paris the CAC 40 lost 0.03% to 4,379.73 points.
The rouble slumped to a new record low of 37.3910 to the US dollar yesterday, after EU Commission head Jose Manual Barroso had warned on Saturday that the crisis was reaching “the point of no return” amid fighting in Ukraine.
Investor sentiment was also hurt by news of a sharper-than-expected slowdown in eurozone manufacturing activity.
In Zurich, shares in pharmaceutical group Novartis rose 4.31% to 85.90 Swiss francs on trial data showing the potential effectiveness of a new treatment LCZ696 for heart conditions.
In Paris, shares in telecom group Iliad, owner of low-cost operator Free, fell on unexpectedly weak six-month results but also on the group’s repeated determination to press on with a bid for US operator T-Mobile US.
Iliad has offered $15.0 (€11.2bn) in cash for 56.6% of the US group. Iliad said yesterday it may raise €2.0bn in capital to help finance the bid, which could involve partners.
The single currency was bumping along at around the lowest levels for 12 months, at $1.3139, the same as late on Friday.
It fell against sterling which rose to 79.04 pence to the euro, having reached 78.91 pence early in the day, the highest sterling level for five and a half weeks.
Sterling was also strong against the dollar, at $1.6621
The yen was weaker, at 137.01 to the euro from 136.72, and at 104.28 to the dollar from 104.06.
At Spreadex traders, analyst Le Mumford said that the euro was at the lowest level for a year before the meeting of the ECB on Thursday.
But the Swiss franc eased slightly against the euro to 1.2073 francs to the dollar having reached 0.9196 earlier, the lowest level since the middle of February.
The yuan closed at 6.1433 to the dollar from 6.1436 on Friday.
The price of gold closed at $1,287.25 an ounce, from $1,285.75 on Friday on the London Bullion Market.
