European stocks decline from seven-year high amid Greece talks

Leaders signal some willingness to compromise on bailout terms for Greece

 

European stocks declined from a seven-year high amid talks on Greece’s bailout terms.

The Stoxx Europe 600 Index slipped 0.2 per cent to 376.35 at 8:26am in London and fell as much as 0.3 per cent.

The benchmark gauge advanced 1 percent last week, led by Greek banks, as European leaders signalled some willingness to compromise on bailout terms for Greece.

Europe’s finance ministers are meeting again in Brussels to discuss financing for the region’s most indebted state. Greece’s ASE Index rallied 11 percent last week, closing at a two-month high and helping push Italian and Spanish shares higher.

Germany’s DAX Index ended at a record, surpassing 11,000 for the first time on an intraday basis, as the nation’s economy accelerated twice as fast as analysts had forecast.

The DAX slipped 0.3 percent on Monday. Among shares moving on corporate news, Actelion slipped 1.7 per cent after the Swiss drug developer forecast that annual profit growth will slow and said the strength of the Swiss franc will hurt earnings.

Altice rose 3.2 per cent and Bouygues added 2.3 per cent after people familiar with the matter said Patrick Drahi’s company is stepping up plans for a potential takeover of mobile carrier Bouygues Telecom.

SABMiller added 2.3 per cent after a report that a consortium led by 3G Capital Partners is considering a bid for the brewer. The Austrian stock-benchmark gauge opened late because of a technical issue. It’s down 0.5 per cent.

Bloomberg