LONDON (ShareCast) - -Eurozone finance ministers gather in Brussels to sign off Greek bailout
-Chinese exports slowing
-Markets pare last week’s gains

FTSE 100: +0.09%
Euro Stoxx 50: -0.40%
CAC 40: +0.07%
Dax-30: +0.31%
FTSE-Mibtel: -0.13%
Ibex 35: -1.24%

European markets were mixed by the close on Monday following news that China had produced its biggest trade deficit in at least 10 years. The data has raised concerns about global demand if China’s need for commodities and raw materials cools.

Finance ministers from the 17 countries which use the single currency are gathering this evening in Brussels for a summit which will sign off the €130bn bailout of Greece. In the wake of the Greek government agreeing a deal with its private sector creditors last week no major problems are expected from the Brussels meeting.

Markets have also been waiting to hear from tomorrow’s meeting of the Federal Reserve. A recent monthly employment report was read as lowering the chances of further monetary easing.

EQUITIES

The French hotel operator Accor ended the day 2.2% up after analysts at Credit Suisse produced a positive note on the group, raising their recommendation to outperfrom.

French airports operator Aeroports de Paris emerged victorious in a bidding war for Turkish airports operator TAV Havalimanlari Holding. It will pay $874m for a 38% stake in the company. The news saw the shares rise 0.4% by the close

Swiss software company Temenos dropped 4.9% after withdrawing from potential merger talks with UK firm Misys.

The strongest sector on the benchmark Stoxx Europe 600 was Automobiles and Parts, which gained 0.8%. The weakest sector was Basic Resources, falling 1.2%, probably on worries over Chinese demand.

MACROECONOMY

Italian gross domestic product contracted at a 0.7% quarter-on-quarter rate in the last three months of 2011.

Greek industrial production fell at a 5% year-on-year rate in January.

German wholesale prices rose by 1.0% month-on-month in February, just in line with expectations.

OTHER MARKETS

The euro/dollar had risen 0.18% by 17:50 in Frankfurt to $1.3147.

Front month Brent futures had fallen 0.76% by 16:41 in London, to hit $125.22/barrel.

BS

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