EUROPE MARKETS: European Stocks Gain Ground As Euro Softens

By Carla Mozee, MarketWatch

European stocks rose Monday, finding higher ground in part as the euro backed off roughly three -month highs.

The Stoxx Europe 600 rose 0.2% to 397.37, cutting into Friday's 0.4% loss (http://www.marketwatch.com/story/european-stocks-build-on-draghi-inspired-gains-2015-05-15), which came after weak data underscored concerns about U.S. economic growth and pushed the euro (EURUSD) higher against the dollar.

Germany's DAX 30 , which has recently been sensitive to moves in the euro, was up 0.8% as the shared currency slipped to $1.1373, from $1.1449 late Friday in New York. The euro hadn't traded at $1.14 since February.

Also Monday, France's CAC 40 edged up 0.2% at 5,001.47, and the U.K.'s FTSE 100 gained 0.4% to 6,990.99.

But Italy's FTSE MIB fell 1.2%, with a number of its constituents moving lower as shares traded without dividend rights. Energy company Eni SpA fell 2.4%, power provider Enel SpA was down 0.5% and eyewear maker Luxottica Group SpA shed 1.5%.

Corporates: Among other movers, Aveva Group PLC topped the Stoxx 600, surging 13% after The Sunday Times said a group of European and American conglomerates are working on bids for the software developer (http://www.thesundaytimes.co.uk/sto/business/Tech_and_Media/article1557075.ece).

OMV AG shares lost 5% as the Austrian oil and gas company posted a 46% drop in first-quarter net income (http://www.marketwatch.com/story/omv-profit-falls-on-low-oil-prices-shutdowns-2015-05-18), due to low oil prices and production shutdowns in Yemen and Libya.

Inmarsat PLC dropped 3% after the mobile satellite communications services company said the launch of its third Global Xpress satellite has been delayed (http://www.marketwatch.com/story/inmarsat-delays-launch-of-global-xpress-satellite-2015-05-18). The delay will have a small negative effect on 2015 revenue and earnings, it said.

Greek debt crisis: Greece remains a focus for investors in Europe, as the uncertainty over the country's debt situation persists. On Friday, ratings service DBRS Inc. cut its rating on Greece, which faces a key repayment deadline on June 5. "The next two weeks in Greece are going to be crucial," said analysts from Barclays in a note. In Athens, the Athex Composite Index slumped 2% to 795.98 on Monday.

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