European stocks dip awaiting clear US rate outlook

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LONDON: Eurozone stocks drifted lower on Monday (Tuesday in Manila) as traders waited for a key meeting of central bankers at the end of the week, while heavy falls for mining shares weighed on the London market. By the close, Europe’s main markets had all lost ground.

London’s benchmark FTSE 100 gave up 0.5 percent compared with Friday’s close while in the eurozone both Frankfurt and Paris gave up early minor gains as the DAX 30 lost 0.5 percent while the Paris CAC 40 fell 0.2 percent.

Wall Street opened slightly lower and was 0.2 percent in the red early afternoon despite cancer drugmaker Medivation soaring on the announcement of a takeover by pharma giant Pfizer with the main Dow Jones index at 18,508.74 points.

Medivation shares jumped nearly 20 percent after Pfizer offered $14 billion, or $81.50 a share, for the company in a deal which will allow the New York-based Pfizer to market prostate cancer medication Xtandi.


Overall, investors were looking ahead to “a relatively quiet week with (Fed chief) Janet Yellen headlining on Friday with her speech” at the Jackson Hole gathering of central bankers, said Craig Erlam, senior market analyst at Oanda trading group.

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