European Markets Have A Mixed Day (GSK, SNN, IRE, CS, AIB)

The Wall Street Journal reports that European markets ended lower for a third straight session on Monday. Stoxx Europe 600 Index closed 0.07% lower at 259.3. Meanwhile, the FTSE 100 in U.K. fell 0.1% to close at 5,644.54. Germany’s DAX and France’s CAC-40 ended slightly higher, with the DAX rising 0.1% to end the day at 5,987.50, while the CAC-40 ended 0.1% higher at 3,928. Greece’s ASE Composite Index declined 1.9% to end at 2,101.22.

European markets were affected by a rate hike in India and a lack of consensus on a support plan for Greece. Bernard McAlinden, a strategist at NCB Stockbrokers, said, “European equity markets have been very firm but we're going into the point where people will be somewhat worried that stimulus measures will be withdrawn.” McAlinden added that the situation in Greece has also not gone away and could be tricky.

European headquartered companies in the pharmaceuticals sector saw gains after the passage of a healthcare bill in U.S., with GlaxoSmithKline plc (ADR) (NYSE: GSK) rising 0.58% and Smith & Nephew plc (ADR) (NYSE: SNN) rising 1.27%, in London.

Bank shares largely declined, with Bank of Ireland (ADR) (NYSE: IRE) falling 3.7% and Credit Suisse (ADR) (NYSE: CS) falling 2.7%. ICAP plc (ADR) (OTC: IAPLY), an interdealer broker, saw its shares decline by 2.9% in London. The U.K. based broker is planning to close its full-service cash equities business in Europe and Asia. Shares of Allied Irish Bank, plc (ADR) (NYSE: AIB) declined 5% on Monday.