European stocks rose Monday, finding higher ground in part as the euro backed off roughly three -month highs.
The Stoxx Europe 600 SXXP, -0.11% rose 0.2% to 397.37, cutting into Friday’s 0.4% loss, which came after weak data underscored concerns about U.S. economic growth and pushed the euro EURUSD, -0.4105% higher against the dollar.
Germany’s DAX 30 DAX, +0.36% which has recently been sensitive to moves in the euro, was up 0.8% as the shared currency slipped to $1.1373, from $1.1449 late Friday in New York. The euro hadn’t traded at $1.14 since February.
Also Monday, France’s CAC 40 PX1, -0.36% edged up 0.2% at 5,001.47, and the U.K.’s FTSE 100 UKX, +0.05% gained 0.4% to 6,990.99.
But Italy’s FTSE MIB FTSEMIB, -1.55% fell 1.2%, with a number of its constituents moving lower as shares traded without dividend rights. Energy company Eni SpA ENI, -2.54% fell 2.4%, power provider Enel SpA ENEL, -0.52% was down 0.5% and eyewear maker Luxottica Group SpA LUX, -1.86% shed 1.5%.
Corporates: Among other movers, Aveva Group PLC AVV, +10.41% topped the Stoxx 600, surging 13% after The Sunday Times said a group of European and American conglomerates are working on bids for the software developer.
OMV AG OMV, -6.08% shares lost 5% as the Austrian oil and gas company posted a 46% drop in first-quarter net income , due to low oil prices and production shutdowns in Yemen and Libya.
Inmarsat PLC ISAT, -2.81% dropped 3% after the mobile satellite communications services company said the launch of its third Global Xpress satellite has been delayed. The delay will have a small negative effect on 2015 revenue and earnings, it said.
Greek debt crisis: Greece remains a focus for investors in Europe, as the uncertainty over the country’s debt situation persists. On Friday, ratings service DBRS Inc. cut its rating on Greece, which faces a key repayment deadline on June 5. “The next two weeks in Greece are going to be crucial,” said analysts from Barclays in a note. In Athens, the Athex Composite Index GD, -1.33% slumped 2% to 795.98 on Monday.
