By Dow Jones Business News,
August 04, 2014, 12:24:00 PM EDT
By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- The pan-European Stoxx Europe 600 fell 0.2% Monday, turning lower as investors appeared to
back away from bargain hunting in the wake of the market's nearly 3% slide last week.
HSBC Holdings PLC shares gained 0.9% after the banking sector heavyweight reported a drop in first-half net profit but
offered positive comments about prospects for key Chinese and U.K. markets.
Intertek Group PLC shares bounced 6.8% higher as the safety and testing products company raised its increased interim
dividend by 7% to 16 pence a share, from the year-earlier period.
AXA SA rose 2.4% as Bank of America-Merrill Lynch upgraded the French insurer to buy from neutral. Following
significant year-to-date share-price underperformance, better-than-expected first-half financial results, "and
encouraging signals from management on strategy, we think now is the right time to become more constructive on the
shares," wrote analyst Blair Stewart.
Banco Comercial Português SA picked up 6.1% after Portugal's central bank late Sunday unveiled a plan to rescue
troubled lender Banco Espírito Santo.
Iliad SA fell 1%, extending Friday's 7% drop after the French cellphone company made a $15 billion offer to buy a
stake in T-Mobile US (TMUS).
More must-reads from MarketWatch:
Hollande calls on Germany to do more for EU growth
German businesses warm to Iran as relations with Russia cool
Russia eyes industrial-output growth of 2%: report
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
Copyright (c) 2014 Dow Jones & Company, Inc.