European Stocks Hammered Despite Solid German Factory Data

(RTTNews) - European stocks tumbled on Monday, as encouraging economic data diminished hopes for stimulus from the European Central Bank.

The Euro Stoxx 50 index of eurozone bluechip stocks tumbled 1.3 percent.

The German DAX dropped 1.9 percent and the French CAC 40 lost 1 percent. The UK's FTSE 100 fell 1.1 percent while Switzerland's SMI retreated 1.1 percent.

Goldman Sachs cut Allianz to ''Buy'' from ''Conviction Buy List.'' The stock slipped 1.3 percent.

In Paris, Bouygues dropped 6 percent after the conglomerate failed to buy Vivendi's SFR unit. The media giant Saturday said its board decided to sell the unit to Altice/Numericable in a $23 billion deal.

Cement giant Lafarge SA and Swiss peer Holcim have decided to combine through an all share merger of equals to create LafargeHolcim, with nearly 32 billion euros in sales. Holcim rose 1.6 percent.

API Group lost more than 7 percent. The manufacturer of specialist foils and packaging materials said Monday it now expects fiscal year 2014 results to be lower than expectations.

Good Energy rose 6.7 percent on solid annual results.

Alfa Laval gained 1 percent in Stockholm. The heat transfer, separation and fluid handling technologies provider has signed an agreement to acquire Frank Mohn AS from Wimoh AS for 13 billion Norwegian kroner.

In economic news, Germany's industrial production increased for the fourth consecutive month in February, suggesting robust contribution to the first quarter gross domestic product.