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Stocks fall in Europe after G-20 talks

AFP-JIJI

Europe’s main stock markets mostly fell on Monday after a weekend meeting of the Group of 20 leading economies ended with Japan being spared an accusation of unfairly devaluing its currency.

London’s FTSE 100 index of leading companies slid 0.16 percent to 6,318.19 points, while Frankfurt’s DAX 30 rose 0.46 percent to 7,628.73 points. Paris’ CAC 40 added 0.18 percent to 3,667.04 points.

Milan’s FTSE Mib fell 0.51 percent to 16,406 points and Madrid’s IBEX 35 also dropped 0.51 percent, to end at 8,108.9 points.

“Equity indices have traded marginally lower through the session as traders take pause for thought with U.S. markets closed for the President’s Day public holiday,” said CMC Markets trader Matt Basi.

The G-20 finance ministers’ statement issued on Saturday said: “We will refrain from competitive devaluation,” adding “we will not target our exchange rates for competitive purposes.”

The pledge echoed a recent statement by the G-7 richest nations. Neither named Tokyo as a currency manipulator.

The Bank of Japan unveiled a plan for unlimited monetary easing last month and a target for 2 percent inflation as part of a bid to beat lingering deflation.

On the corporate front Monday, shares in mining company Anglo American fell 2.75 percent to 1,983 pence after 13 people were wounded in gunfire and machete attacks outside one of its facilities in South Africa.

In France, shares in Natixis bank leaped by nearly a quarter after an announcement that a change in the bank’s links to parent bank BPCE would generate an exceptional dividend.

Banking group BPCE, which comprises the Caisses d’Epargne group of savings banks and the Banques Populaires, and its subsidiary Natixis said on Sunday that they would simplify their cross-shareholdings.