Investing.com – European stocks edged forward on Monday, as Spain continued to take a hit from the ongoing political turmoil between the governments of Madrid and Catalonia.
Spain’s IBEX 35 fell 0.32% as of 4:44 AM ET (9:44 AM GMT) as the central government moves to removed Catalonia autonomy. The triggering of Article 155, a constitutional provision that allows the government to take direct control of a region if it is in breach of the law, came soon after Catalonia leader Carles Puigdemont suspended a declaration of independence and asked for talks with Madrid.
Bank stocks were among the hardest hit in Spain, with BBVA (MC:BBVA) down 1.26%, B. Sabadell (MC:SABE) falling 1.17%, Santander (MC:SAN) inching down 0.61% and Caixabank SA (MC:CABK) decreasing 0.91%.
Meanwhile mining firm ArcelorMittal SA (MC:MTS)increased 1.35% after UBS set a €30.00 price target on the company’s shares. IT firms Indra Sistemas SA (OTC:ISMAY) and Amadeus IT (MC:AMA) both jumped, rising 1.29% and 0.71%, respectively.
In Germany, the DAX was up 0.35%, with car dealer Volkswagen (DE:VOWG_p) rising 1.07%. Chemical firm Linde AG O.N. (DE:LING) surged 1.67% while automation company Siemens AG Class N (DE:SIEGn) jumped 1.02%.
Among the worst performers were banks Deutsche Bank AG NA O.N. (DE:DBKGn), which decreased 0.80% as workers at the retail arm of the bank, Postbank, threatened to go on strike amid wage disputes. Commerzbank (DE:CBKG) dipped 0.13% while media firm Prosiebensat 1 Media AG (DE:PSMGn) was down 0.84%.
In London the FTSE 100 inched forward 0.10% with engineering firm GKN (LON:GKN) jumping 3.20% and communication services company BT Group (LON:BT) increasing 1.18%.
Financial firm Provident Financial (LON:PFG) fell 2.25%. Meanwhile HSBC Holdings PLC (LON:HSBA) was down 0.71% and Standard Chartered (LON:STAN) decreased 1.23% as the two are being investigated by UK regulators that the two firms may have facilitated money laundering due to ties with the powerful South African Gupta family.
Meanwhile on the London Stock Exchange, car dealer Pendragon Plc (LON:PDG) slumped 16.38% after it issued a profit warning amid waning consumer confidence in the UK.
In France the CAC 40 was up 0.36% with oil and gas firm TechnipFMC PLC (PA:FTI) rising 1.34% and luxury designer LVMH Moet Hennessy Louis Vuitton SE (PA:LVMH) increasing 0.97%. Among the hardest hit was retailer Carrefour (PA:CARR), which fell 0.81%.
The pan-European Euro Stoxx 50 rose 0.31% while in commodities, gold futures fell to $1,277.11 a troy ounce while crude oil futures were up to $51.97 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was at 93.77.