LIVE MARKETS-Autos sector drags European stocks lower
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AUTOS SECTOR DRAGS EUROPEAN STOCKS LOWER
A decline in Europe's embattled autos sector is weighing on Europe's STOXX 600 on Monday after Porsche cut its guidance as it announced it was delaying its electric vehicle rollout.
The STOXX Europe 600 autos and parts index .SXAP is down 2.5% to a 6-1/2 week low.
Both Porsche P911_p.DE and the luxury carmaker's parent Volkswagen VOWG.DE cut their guidance following the delayed EV launch. Shares in the two companies are down 7.2% and 6.6% respectively.
The broad STOXX 600 .STOXX is down 0.2% after a 0.1% drop last week. Breadth is negative with decliners outnumbering advancing stocks by about 1.8:1.
On the positive side, shares in miners .SXPP are up 1% after spot gold XAU= notched a new record on Monday.
Here's your opening snapshot:
(Samuel Indyk)
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EARLIER ON LIVE MARKETS:
EUROPE BEFORE THE BELL: FUTURES SOFT, AUTOS IN FOCUS CLICK HERE
FEDSPEAK TO CUT THROUGH THE NOISE CLICK HERE
Currency moves against the US dollar https://reut.rs/4nA2TWk
Where investors think the Fed is headed https://reut.rs/48u8U2D
European shares mostly lower
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