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Dec 19, 2016

European Markets Closing Report: European Markets Close Lower; BMPS 10% Down; Lagrade Found Guilty of Negligence
Silvia Amaro, Sam Meredith
European shares closed little changed on Monday as investors digested economic data from Germany and eyed a speech from Janet Yellen, the chair of the U.S. Federal Reserve.

BMPS down 10%


FTSE FTSE 7008.41
-3.23 -0.05% 416754849
DAX DAX 11413.49
9.48 0.08% 60910491
CAC CAC 4819.65
-13.62 -0.28% 71628834
IBEX 35 IBEX 35 Idx 9342.20
-70.60 -0.75% 167689769
The pan-European Euro Stoxx 600 provisionally edged 0.13 percent down with sectors mixed. Markets entered the usually quiet week for volumes ahead of the holiday season. Basic resources were among the worst performers on news that Chinese authorities are foreseeing a lower growth rate in 2017.
In individual stocks news, the embattled Monte Dei Paschi slumped more than 10.8 percent at the close - the first day of its cash call.
The German lender Deutsche Bank was among the worst performers on Monday, falling more than 4.6 percent. The bank has agreed to pay $37 million to end government investigations into dark pool private trading venues, according to the Wall Street Journal.

Meanwhile in the U.S., the Dow Jones industrial average continued higher as investors look forward to the index breaking through the 20,000 mark. Janet Yellen is poised to deliver a speech on the state of the jobs market at 1.30p.m ET.
Elsewhere, shares of Danone were also down after the French company reported a lower-than-expected growth target for 2016.
However, Mediaset shares were up by 2.8 percent following reports that Vivendi had denied it was taking over Italy's largest private broadcaster.

German data released

Which country will leave the Euro currency first?

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Meanwhile, U.K. Prime Minister Theresa May is due to brief parliament on last week's EU summit on Monday. The U.S. multinational Apple is expected to appeal against an EU ruling stating that it needs to pay back 13 billion euros ($13.6 billion) in taxes. Ireland, where Apple has its European headquarters, has accused the European Commission of interfering with its sovereign power.

International Monetary Fund (IMF) chief, Christine Lagarde, was found guilty on Monday of negligence for her role in a dispute between the state and a businessman. Lagarde was the French finance at the time of the dispute almost 10 years ago. Lagarde was not handed a sentence and her lawyers said shortly after the decision they would look into appealing the French court ruling.

Also on Monday, investors are awaiting Federal Reserve Chair Janet Yellen's forthcoming speech on the jobs market, due at 1.30 p.m local time, after the European session close.

In terms of data, the German Ifo institute reported Monday that business climate in Germany picked up in the month of December. Its business climate index increased from 110.4 points in November to 111.0 points in December.