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European Equities Close Flat in Monday Trading; European Commission Opens Competition Probes Into Apple, Google, Meta
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European Equities Close Flat in Monday Trading; European Commission Opens Competition Probes Into Apple, Google, Meta
Mar 25, 2024 10:19 AM

01:03 PM EDT, 03/25/2024 (MT Newswires) -- The European stock markets closed relatively flat in Monday trading as The Stoxx Europe 600 nudged 0.05% higher, the Swiss Market Index declined 0.27%, France's CAC was up 0.09%, the FTSE in London was off 0.15%, and Germany's DAX closed 0.34% higher.

The European Commission published its latest flash Eurobarometer report Monday, which showed that EU citizens see the economic situation and the quality of life in their region in a positive light.

More than 80% of Europeans said that the quality of life in their region is good, while 65% said that the current situation of the economy of their region is good, according to the report. Europeans also said the most important issues currently facing their region are the cost of living (31%), the economic situation and unemployment (26%), and health (26%), followed by housing (20%), the environment and climate change (19%), and education (18%).

In the UK, retail sales were relatively flat in the year to March after 10 straight months of decline, according to the Confederation of British Industry's latest monthly distributive trades survey. However, the CBI also said that retailers expect year-on-year sales volumes to fall in April.

In Germany, price-adjusted incoming orders in the construction industry fell 7.4% in January from December, according to the Federal Statistical Office. Incoming orders declined 12.0% in building construction and 3.1% in civil engineering.

And in corporate news, the European Commission said it has opened non-compliance investigations into tech giants Apple ( AAPL ) , Google ( GOOG ) parent Alphabet (GOOG), and Facebook-owner Meta Platforms ( META ) under the Digital Markets Act.

In particular, the EC said the probe will scrutinize Alphabet's (GOOG) rules on steering in Google Play and self-preferencing on Google Search, Apple's ( AAPL ) rules on steering in the App Store and the choice screen for Safari, as well as Meta's "pay or consent model."

The Commission said it "suspects that the measures put in place by these gatekeepers fall short of effective compliance of their obligations under the DMA."

Novo Nordisk (NVO) said Monday it has agreed to buy Cardior Pharmaceuticals for up to about 1.03 billion euros ($1.11 billion) to support its strategy to establish a presence in cardiovascular disease.

The Danish pharmaceutical company said the acquisition will include Cardior's lead compound CDR132L, which is in phase 2 clinical development to treat heart failure. It will also make an upfront payment to Cardior as well as additional payments, which are subject to reaching certain development and commercial milestones, according to the company.

And UK consumer goods giant Unilever said it is considering publicly floating its ice cream unit on the Amsterdam stock market instead of in London, according to Bloomberg News, which cited a Dutch TV interview with Chief Executive Officer Hein Schumacher.

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