European Shares Drop From Their Highs

European shares fell from their highest levels ever, after fears of regulation plunged into stock markets in Asia, while shares of automakers fell after a strong performance last week.

The pan-European Stoxx 600 index fell 0.4%, with auto stocks leading losses.

Porsche shares fell 4.5% as shares were traded without a right to dividend, while French auto parts maker Faurecia fell 1.1% despite raising its 2021 net cash flow target.

Shares in Dutch technology investment firm Prosus, which owns a 28.9% stake in Chinese internet giant Tencent, plunged 6.9% to a one-year low after Beijing tightened regulatory measures against Tencent.

Shares of Ryanair, Europe’s largest budget airline, rose 2.1% after raising expectations for full-year travel, thanks to strong summer bookings.