London--European stocks were mostly lower on Monday as Turkish shares plunged on the political and economic uncertainty following the country's elections, offsetting support for the alcoholic drinks and banking sectors.
Markets were also tracking the latest developments surrounding Greece's standoff with the European Union in debt talks, as well as comments out of the Group of Seven summit in Germany.
Frankfurt's DAX 30 index sank 1.07 percent to stand at 11,076.92 points in late afternoon deals and the CAC 40 in Paris fell 1.06 percent to 4,868.32.
London's benchmark FTSE 100 rose a slight 0.02 percent to 6,806 points compared with Friday's close.
The euro rose to $1.1203 from $1.1115 late on Friday in New York. Profit taking set in after the dollar had rallied ahead of the weekend following robust US jobs data that increased the prospect of an interest rate rise from the Federal Reserve later this year.
Elsewhere, the Turkish lira plunged to a record low point against the dollar Monday, breaking through the 2.8 lira level against the dollar for the first time.
Turkey's central bank acted swiftly to give some support to the pressured Turkish lira, saying it was pruning its short term foreign exchange deposit rates effective Tuesday.
Turkey's main stocks index tumbled by over 6.0 percent at one point, and by the afternoon the BIST 100 index in Istanbul was down 5.84 percent.
Turkey's Islamic-rooted ruling AKP party on Monday weighed its future strategy after losing its absolute parliament majority for the first time since winning power 13 years ago, in a stunning election setback for President Recep Tayyip Erdogan.
AFP
