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European stocks drop after hitting 3-yr high last week

European stocks drop after hitting 3-yr high last week

Mubasher: European indices fell on Monday from three-year highs as the euro jumped significantly on the back of the positive political sentiment seen in the market.

By 08:50 am GMT, the European benchmark Stoxx 600 index declined by 0.12% to 398.01, while the UK’s FTSE 100 went down 0.05% to 7,774.91.

Similarly, Germany’s DAX lost 0.15% to 13.225.69 and France’s CAC 40 dropped 0.17% to 5,507.81.

In the meantime, the single currency soared above $1.22 against the weak dollar, supported by signs of forming a new coalition government in Germany and the European Central Bank’s (ECB) intentions to scale back its monetary stimulus during this year.

The Eurozone’s trade balance data is due at 10:00 am GMT.