Europe Markets

Europe closes mixed; airlines climb as oil slides

European market closes mixed
European market closes mixed

European shares closed mixed on Monday, with positive data from China failing to boost sentiment.

The U.K.'s FTSE 100 closed provisionally 0.4 percent higher and the German DAX and the Spanish IBEX also ended higher. The French CAC closed flat and the Italian FTSE MIB was down 0.3 percent.

European markets

Miners climb

The basic resources sector was the standout gainer, climbing up to 3 percent before closing around 2.8 percent higher.

European, and particularly U.K., mining stocks have heavy exposure to China, which saw strong data over the weekend—Chinese exports surged 15.3 percent year-on-year surge in September.

The prices of commodities like silver and gold also rose.

U.S. stocks declined on Monday, with investors still fretting over signs of a slowing global economy after a third week of losses. Trade was thin however because of the Columbus Day holiday.

European markets close: Mining stocks rise
European markets close: Mining stocks rise

Airlines climb, Luxottica tanks

In Italy, Luxottica shares tanked nearly 10 percent after newly-appointed Chief Executive Enrico Cavatorta announced he was stepping down.

Shares in airlines rebounded with declining oil prices reducing their operating costs. Air France gained 1.5 percent and Lufthansa closed over 1 percent higher, as Brent crude sank below $88 a barrel, its lowest level in almost four years.

Shares of Deutsche Bank closed down 0.6 after a report in the Financial Times over the weekend suggested that senior bankers were leaving due to a crackdown on bad behavior. German daily Der Spiegel also reported, citing unnamed sources, that it was due to increase its provisions for legal costs.

Tesco shares dipped 2.5 percent on Monday with newspaper articles over the weekend suggesting that two more board members were due to leave the embattled U.K. supermarket.

Shares of STMicro closed down over 4 percent, with the French-Italian electronics and semiconductor manufacturer receiving a downgrade by two investment banks on Monday morning.

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