European Stocks Hold Steady After Slight Weekly Decline

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European stocks were little changed, after posting their first weekly drop in four, with gains in miners offsetting declines in travel-and-leisure companies.
Rio Tinto and BHP Billiton led a gauge of mining companies to the best performance of the 19 industry groups on the Stoxx Europe 600 Index as commodities surged. Air France-KLM Group slid 2.2%.
The Stoxx 600 added less than 0.1% at 09:23. Share gains stalled last week amid resurgent worries about global growth, and as investors considered the implications of disappointing US jobs data that cast doubt on the strength of the economy and the trajectory of interest rates.
The Federal Reserve will announce its next rate decision on June 15. Traders are now pricing in a 4% chance of an increase this month – down from 22% before the jobs data on Friday – and a 27% probability in July.
Among stocks moving on corporate news today, CNH Industrial gained 4.6% after it was added to Goldman Sachs’s conviction list. Indiviorfell 8.1% after Bank of America Merrill Lynch cut its rating on the pharmaceutical company to neutral from buy.
source: Fin24

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