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Europe: Shares fall as tech, auto stocks weigh

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[FRANKFURT] European stocks opened broadly lower on Monday following a week of strong gains, as dismal German trade data hurt auto makers and software company SAP dragged the tech sector lower after it announced another departure in its top management. Read more at The Business Times.

BMW, Daimler declined, with both facing possibly hefty fines after EU antitrust regulators charged them with colluding to block the rollout of clean emissions technology.

By contrast Italian-US carmaker Fiat Chrysler Automobiles NV rose after it agreed to pay electric carmaker Tesla Inc hundreds of millions of euros to allow Tesla vehicles to be counted in its fleet to avoid fines for violating new EU emission rules. Banco BPM dropped 1.3 per cent as Italy's third biggest lender said it could be interested in tie-ups with banks close to its home turf in the north of the country, comments that appeared to play down a possible deal with Monte dei Paschi di Siena.

 

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