European stock markets slip at open

stockbroker on floor New York Exchange

stockbroker on floor New York Exchange

Europe’s main stock markets fell slightly at the start of trading on Monday, with London’s benchmark FTSE 100 index dipping 0.10 percent to 6,689.93 points.

Frankfurt’s DAX 30 shed 0.12 percent to 11,295.50 and in Paris the CAC 40 slipped 0.11 percent to 5,076.80 compared with Friday’s close.

The Athens stock exchange reopens Monday at 0730 GMT after a five-week shutdown over the country’s debt crisis, with traders bracing for a volatile session.

Bank shares are expected to be particularly affected as the country’s lenders are in a vulnerable position because of outflows of billions of euros from deposits over the past six months.

In London, shares in HSBC were up 1.21 percent at 586.70 pence in opening deals after the British banking giant announced the sale of its Brazil business. HSBC also posted a drop in quarterly net profits.

Asian stock markets mostly fell Monday following disappointing Chinese manufacturing figures and a drop on Wall Street ahead of the weekend.

The survey of Chinese manufacturing activity showed a drop to a two-year low in July, suggesting the world’s second largest economy faces challenges in the third quarter.

Wall Street closed lower on Friday following poor earnings from energy groups ExxonMobil and Chevron and a fall in oil prices, traders said.

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