STOXX 600 falls as automakers decline, and the Spanish index hits its lowest level in a week.
The STOXX 600 closed down 0,13% at 553,40 points, after falling as much as 0,4%.
(Reuters)- The pan-European STOXX 600 index fell on Monday, pressured by automakers, despite gains in technology and mining, while Spain's benchmark index closed at its lowest level in more than a week.
The STOXX 600 closed down 0,13% at 553,40 points, after falling as much as 0,4%, pressured by defensive stocks such as Unilever and Nestlé.
Spanish banks pushed Spain's benchmark index to its lowest level since September 10.
In Madrid, the Ibex-35 index fell 1,17% to 15.082,50 points.
Porsche plunged more than 8%, its worst performance in almost three years, after the automaker warned of delays in the launch of electric vehicles and lowered its outlook for 2025. This helped send the automotive sector to its lowest level in more than a month.
"The reorientation (at Porsche) may be the last, but it leaves the turnaround as a prolonged affair with challenges for the brand and the product cycle," Jefferies analysts said in a note.
Shares of Volkswagen, which owns Porsche and also cut its profit outlook for 2025, fell 7,1%.
The eurozone banking sector fell 0,9%, with Spain's Sabadell down 3,9% after its biggest competitor BBVA said it had increased its offer for the bank by 10%, to 3,39 euros per share. BBVA also fell 2,6%.
Roche limited losses in the STOXX 600. The drugmaker rose 2,3% after signaling its ambition to join Eli Lilly and Novo Nordisk at the top of the expanding weight-loss market.
Technology stocks also helped to contain losses, rising 0,8%. Chipmakers ASML and ASMI advanced 2,1% and 1,7%, respectively.
European mining companies rose 1,4%, with UK-listed precious metals miner Fresnillo among the biggest gainers, rising 4,6%, as gold prices hit a record high.
In LONDON, the Financial Times index rose 0,11% to 9.226,68 points.
In Frankfurt, the DAX index fell 0,48% to 23.527,05 points.
In Paris, the CAC-40 index fell 0,30% to 7.830,11 points.
In Milan, the FTSE MIB index rose 0,26% to 42.423,18 points.
In Madrid, the Ibex-35 index fell 1,17% to 15.082,50 points.
In Lisbon, the PSI20 index rose 0,19% to 7.719,11 points.