European markets retreat as EU leaders fail to agree over recovery fund – CNBC

European stocks were mixed on Monday morning after European Union leaders meeting at the weekend failed to come to an agreement over a multibillion-euro recovery fund for the region to help it recover from the coronavirus crisis.

Stocks in Asia Pacific mostly tumbled on Monday as China maintained its benchmark lending rate for the third straight month. Meanwhile, U.S. stock futures declined in early Monday trading, paring earlier gains as investors tried to build on last week’s solid performance.

In terms of individual share price action, Ubi Banca rallied 12.5% in early trade after Intesa Sanpaolo increased its takeover bid for the smaller Italian lender.

At the other end of the European blue chip index, Natixis shares dropped more than 7% after owner BPCE said it did not intend to file a tender offer for more shares of the French corporate bank.