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Europe Stocks Close Slightly Higher Despite Mining Retreat on China Fears; Philips Up 4%

European markets closed mixed Monday after a downbeat string of sessions last week.

The pan-European Stoxx 600 index provisionally closed 0.1% higher, with sectors spread across negative and positive territory. Retail stocks led gains, up 0.7%, as financial services gained 0.6%.

The basic resources sector fell 1.5% and mining stocks retreated as investors assessed weak Chinese credit data that brought consumer demand and property sector fears back to the fore.

Philips ended the session 4.3% higher after holding company Exor, owned by the billionaire Agnelli family, announced it had taken a 15% stake in the Dutch conglomerate.

Asia-Pacific markets largely fell on Monday, dragged by basic materials and consumer cyclical stocks. 

U.S. stocks were choppy as Wall Street looked to shake off a poor start to August.

U.S. stocks inch down Monday

The Dow Jones Industrial Average opened little-changed Monday morning. The index declined just 10 points, or 0.03%.

Meanwhile, the S&P 500 and the Nasdaq Composite fell 0.2% and 0.4%, respectively.

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Philips up 5% on Exor stake purchase

Shares of Philips were up 5% after it was announced that Dutch investment firm Exor N.V. bought a 15% stake in the health technology group.

The stake was purchased for 2.6 billion euros ($2.9 billion).

A Philips spokesperson told CNBC via email that it was “great to have a shareholder make this significant long-term investment as it expresses the confidence Exor has in the healthcare sector, as well as their confidence in Philips.”

German wholesale prices fall 2.8% in July

German wholesale prices fell 2.8% in July, according to the German federal statistics office.

The figure comes after a 2.9% drop year on year in June, and a 2.6% fall in May.

The steepest annual drop in prices was in mineral oil products, which were down 20.8% from July 2022.

Wholesale waste and scrap, grain and unmanufactured tobacco prices were also lower than in the previous year, while live animal and fruit and vegetable prices rose from July 2022.

Source : CNBC

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