UPDATE 1-European stocks retreat from record highs, Deutsche Bank drags
Sruthi Shankar, 31 May 2021
European stocks slipped from record highs on Monday in subdued trading due to holidays in major markets, but optimism over a swift economic recovery put the benchmark index on course for its fourth month of gains.
The pan-European STOXX 600 index was down 0.1% in morning trade, with shares in Frankfurt falling 0.3% and Paris dipping 0.1%. UK and US markets are closed for a holiday, keeping trading volumes muted across the board.
Among the top drags was Deutsche Bank, down 1.8% after the Wall Street Journal reported that the U.S. Federal Reserve told the German lender it was failing to address persistent shortcomings in its anti-money-laundering controls.
Italian insurer Cattolica surged 12.9% after bigger rival Assicurazioni Generali said it would launch a 1.17 billion euros ($1.4 billion) buyout offer for the company.
Despite lingering worries about rising inflation, the STOXX 600 was on course to post a 2.6% rise in May as economies gradually reopened after lockdowns and central banks reiterated support to aid the recovery.
