European equities lower on oil rises
European equities markets were lower on Monday on another hike in crude oil prices.
Even the first jump in four months in German business confidence could not raise the Xetra Dax into positive territory as it fell 0.9 percent to 4,523.82. The FTSE Eurofirst 300 lost 1 percent to 1,130.
The technology sector was hard hit, as were airlines and the automobile manufacturing sector. In the technology sector, STMicrolectronics lost 2.2 percent to €12.93, Philips was down 1.6 percent to €20.92, and ASML declined by 1.3 percent to €13.30.
Siemens was down 1.7 percent to €60.80 on suggestions that despite the sale of its loss-plagued mobile phones unit, it was not nearing profit targets. Infineon, a supplier for Siemens, also declined on the news, losing 0.9 percent to €7.58.
Among airlines, Lufthansa lost 1.8 percent to €9.98, Air France-KLM was down 2.7 percent to €12.29, and Ryanair declined by 1.2 percent to €6.39.
In the automobile manufacturing sector, Porsche bucked the trend and gained 0.4 percent to €611.39 as Merrill Lynch raised the automaker’s share price target to €700 from €615.
Elsewhere, the sector didn’t have much luck as Peugeot lost 0.7 percent to €48.05, Daimler-Chrysler fell 1.2 percent to €33.51, Fiat declined 3.4 percent to €5.834, and Renault was down 1.3 percent to €70.50.