European Shares Move Lower Ahead of G20 Summit

European stocks fell in cautious trade on Monday, with weak German business confidence data, rising tensions between the U.S. and Iran and caution ahead of this week’s G20 meeting in Japan keeping underlying sentiment cautious.

The pan European Stoxx 600 was down 0.15 percent at 384.18 after declining 0.4 percent on Friday.

The German DAX was losing half a percent and France’s CAC 40 index was down 0.1 percent while the U.K.’s FTSE 100 was little changed.

Denmark’s Danske Bank A/S tumbled 3.4 percent after dismissing executive board member and Head of Danish Banking Jesper Nielsen for misguided management decision.

Banco Santander, S.A. and Allianz were moving lower after they decided to end an agreement over the distribution of insurance products.

Daimler AG’s shares slumped 4.5 percent. The German automaker cut its 2019 earnings outlook, citing troubles with diesel vehicles from its Mercedes-Benz brand.

Retailer Metro AG rallied 3 percent after rejecting a takeover offer made by EP Global Commerce VI GmbH.

Airline Deutsche Lufthansa fell 1.4 percent after adjusting its dividend policy.

Deutsche Bank declined 1.6 percent. According to the Financial Times, U.S. regulators have sought explanation from the lender about its “bad bank” proposal and its impact on U.S. operations.

French supermarket chain Carrefour SA gained 1.5 percent after it agreed to sell an 80 percent equity stake in Carrefour China to Suning.com, the Fortune Global 500 retailer owned by Suning Holdings Group.

Alstom climbed 2.3 percent. The transport infrastructure group has laid out its new strategic plan and objectives for 2023.

Regency Mines shares jumped as much as 30 percent after the British company announced board overhaul with a new chair and chief executive.

In economic releases, Germany’s business sentiment weakened in June, survey data from the Munich-based Ifo Institute showed. The corresponding index dropped to 97.4 from 97.9 in May. The score was forecast to fall to 97.5.