European Shares Drift Lower After PMI Data

(RTTNews) - European stocks were subdued on Monday after a survey revealed that Euro zone manufacturing activity remained mired in contraction in August.

The manufacturing PMI was finalized at 45.8 in August, unchanged from July's reading. Elsewhere, the U.K. manufacturing PMI was finalized at 52.5 in August, up from July's 52.1 and hitting a 26-month high as a result of rising output, new orders and employment.

The pan European STOXX 600 dropped 0.3 percent to 523.28 after ending flat with a positive bias on Friday.

The German DAX eased 0.2 percent, France's CAC 40 shed 0.3 percent and the U.K.'s FTSE 100 was down 0.1 percent.

The dollar climbed to a two-week high versus the euro ahead of a slew of key U.S. economic data due this week, including the non-farm payrolls report on Friday.

Danske Bank, a Danish lender, rose about 1 percent. The lender said it has appointed Cecile Hillary as new Chief Financial Officer to succeed retiring Stephan Engels.

Concurrent Technologies surged 6.5 percent after the British manufacturer of computer products, systems and mission critical solutions unveiled record interim results.

Kainos Group, an Irish software company, plummeted 15 percent after saying it expects full-year revenues to be below market forecasts.

Rightmove soared 21 percent as Australian digital advertising company REA Group confirmed that it is considering a possible cash and share offer for the British real estate online portal.

Atos tumbled 3.6 percent. The French IT company revised down its annual revenue guidance to reflect the current business environment in its key markets.

Sanofi added nearly 2 percent. The drug major said it plans to start discussions about filing its oral BTK inhibitor tolebrutinib for multiple sclerosis.