European Stocks Retreat On Greek Worries

(RTTNews) - The European markets edged lower on Monday after a Greek official said the country may be unable to make a 300 million euro repayment to the International Monetary Fund on June 5 unless there is a deal with creditors. Greece is scheduled to repay EUR1.6 billion ($1.76 billion) to the IMF between June 5-19.

Fed rate hike worries also resurfaced after Federal Reserve Chairwoman Janel Yellen on Friday hinted that it would be appropriate to raise interest rates at some point this year, as long as economic activity picks up.

Trading remains light as many markets across the region, including the United Kingdom, the United States and Germany are shut for holidays.

The Euro Stoxx 50 index of Eurozone blue-chip stocks is declining 0.7 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is marginally lower.

Around Europe, France's CAC 40 index is moving down 0.6 percent, Greece's Athex Composite index is losing 1.6 percent and Italy's FTSE MIB is tumbling 1.9 percent.

Spain's IBEX-35 index is moving down 1.8 percent after voters punished the governing Popular Party in regional and municipal elections, by giving weighty support to upstart leftist and center-right parties.

In stock-specific action, shares of Fiat Chrysler Automobiles are down almost 3 percent. The New York Times reported that General Motors Co. CEO Mary Barra rebuffed Fiat Chief Executive Sergio Marchionne's offer for merger in March.

Areva SA is declining 1 percent in Paris on reports the state-controlled power utility Eléctricité de France SA has made a preliminary offer for the nuclear-reactor unit of Areva.

French residential and commercial real estate developer Nexity is tumbling 5 percent after announcing the sale by CE Holding Promotion (Groupe BPCE) of 12.2 percent of Nexity's share capital to two institutional investors and New Port SAS.

Elsewhere, Asian stocks rose broadly despite weak cues from Wall Street on Friday. A weaker yen and encouraging trade figures underpinned investor sentiment in Japan and higher iron ore prices boosted resource stocks in Australia, while Chinese shares rallied for a fifth straight day after Beijing invited private players to boost infrastructure investment and help stabilize growth. The South Korean and Hong Kong markets were closed for the Buddha's Birthday holiday.