European Stocks Fall Following European Parliament Elections Results

Brussels, European stock indices closed trading lower Monday after French stocks fell following President Emmanuel Macrons call for early legislative elections after a heavy defeat for his party and its allies in the European Parliament elections. The French CAC 40 index fell 1.4 percent, touching its lowest level in more than three months, while the shares of banks BNP Paribas, Societe Generale, and Credit Agricole fell by rates ranging between 3.6 percent and 7.5 percent. French bond prices also fell, pushing yields on 10-year bonds to their highest level in more than six months after Eurosceptic nationalists made gains in the European Parliament elections on Sunday. The Stoxx 600 index fell by 0.4 percent, and the German DAX and Spanish IBEX indexes also fell by the same percentage. Most sectors of the Stoxx 600 index were trading lower, while the banking sub-index in the euro zone was the most affected, declining 1.6 percent, while oil and gas stocks rose 0.9 percent thanks to the rise in crude oil pr ices. Among other stocks, the stock of the British insurance company Aviva fell 1.7 percent after JP Morgan downgraded the stock. Source: Qatar News Agency