Europe Stocks Little Changed After Weekly Loss as Allianz Climbs
- Italy lenders pace bank retreat after public offering snubbed
- Trading volume thin as U.K. markets closed for May holiday
European Stocks Flat as U.K. Closes for Holiday
European stocks were little changed in thin trading as insurers advanced and banks declined, after the Stoxx Europe 600 Index ended last week at its lowest level in more than two weeks.
Allianz SE led gains on Germany’s DAX Index after reporting a 21 percent jump in quarterly profit. Automakers climbed, with Fiat Chrysler Automobiles NV rising 2.1 percent after Chairman Sergio Marchionne said he was more positive on the outlook for China. Italian lenders led banks lower after private investors snubbed an initial public offering by Banca Popolare di Vicenza SpA. Deutsche Bank AG lost 2.7 percent after U.K. regulators were said to have faulted the lender in March for “serious” lapses in efforts to thwart money laundering.