European Shares Drift Lower In Lackluster Trade
European stocks fell slightly on Monday, with the Stoxx 600 down 0.2%, DAX down 0.7%, CAC 40 down 0.4%, and FTSE 100 marginally lower. Airbus shares dropped 2.3% due to aircraft recalls, EasyJet fell 1% after software updates, and Melrose Industries tumbled 3.6% after appointing a new CFO. Defense stocks declined following Trump's comments on Ukraine.
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European stocks were subdued on Monday after closing November on a robust note amid optimism surrounding potential U.S. rate cuts.
The pan European Stoxx 600 slipped 0.2 percent to 575.15 after rising by 0.3 percent on Friday.
The German DAX fell 0.7 percent, France's CAC 40 shed 0.4 percent and the U.K.'s FTSE 100 was marginally lower as investors awaited key U.S. economic data as well as early holiday spending signals from Black Friday and Cyber Monday.
In corporate news, Airbus shares fell 2.3 percent in Paris. The aircraft maker has recalled thousands of its A320 family aircraft due to potential failures in the ELAC control system caused by powerful solar flares.
EasyJet dropped 1 percent after announcing it has completed software updates on its A320 aircraft family over the weekend.
Melrose Industries, a key player in the aerospace and defense sector, tumbled 3.6 percent in London after naming Ross McCluskey as its new CFO.
Defense stocks were coming under selling pressure after U.S. President Donald Trump said Sunday there was a "good chance" of a deal to end the war in Ukraine. Rheinmetall lost 3.2 percent and Leonardo gave up 2.1 percent.
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