European shares ticked lower on Monday, as investors refrained from making big bets at the start of an eventful week packed with tariff negotiations and ending with promised talks between the US and Russia on the war in Ukraine.
Dublin
The Irish index of shares tracked wider European trends, edging 0.6 per cent lower by the close of the session.
Financial stocks were mixed, with AIB shedding 0.3 per cent to close at €6.96, and insurer FBD off 1.4 per cent, while Bank of Ireland was 1.2 per cent higher at €12.88.
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Construction stocks suffered, with insulation specialist Kingspan down 3.8 per cent, home builders Glenveagh and Cairn both were more than 1 per cent weaker on the day.
Ryanair was also slightly lower, losing 0.46 per cent, while food group Glanbia ended the day at €12.20, a 1 per cent decline. Kerry Group was flat.
London
Britain’s blue-chip index climbed on Monday, led by financials and consumer-related shares, while investors focused on upcoming economic releases and revived Russia-Ukraine peace efforts.
The FTSE 100 gained 0.4 per cent, while the FTSE midcap index was down 0.4 per cent.
In consumer-related shares, British American Tobacco and spirits maker Diageo rose – by 2 per cent and 1.8 per cent, respectively.
Retailer Marks & Spencer resumed click-and-collect orders for clothing after a nearly four-month hiatus following a cyber hack and data theft, sending its shares 3 per cent higher.
Among other movers, Oxford Nanopore Technologies dropped 3 per cent after the biotechnology firm announced CEO Gordon Sanghera’s planned departure by 2026, though the broader healthcare sector added 0.7 per cent.
Online trader Plus500 fell 5.7 per cent after it announced disappointing profit margins and unchanged annual forecasts, making it one of the FTSE 250’s biggest decliners.
Europe
The pan-European STOXX 600 index closed 0.1 per cent lower, retreating from gains earlier in the day, but still hovering near its highest level since July 31st.
Investors will be bracing for the summit on Friday in Alaska, where Kyiv fears Russian President Vladimir Putin and US President Donald Trump may try to dictate terms for ending the war.
A German Government spokesperson said European leaders will hold a virtual meeting Mr Trump in advance of the summit, after they pressed for Ukrainian President Volodymyr Zelenskiy to take part in the talks.
Hopes of a peace deal weighed on German defence companies, with Rheinmetall dropping 4.6 per cent, while Renk fell 1.6 per cent.
Germany’s benchmark index slipped 0.4 per cent, while the broader aerospace and defence index was off 1.1 per cent, after hitting an over one-month low in the session.
A 29.6 per cent plunge in Danish wind farm developer Orsted after it unveiled a 60-billion-kroner (€8 billion) rights issue also weighed on stocks. The stock hit a record low and was the biggest faller on the STOXX 600.
New York
Wall Street’s main indices were choppy on Monday as investors prepared for a busy week.
Nvidia and Advanced Micro Devices reversed premarket losses and were up 0.2 per cent and 2.6 per cent, respectively, by lunchtime in volatile trading. A US official told Reuters the semiconductor majors had agreed to give the United States Government 15 per cent of revenue from sales of their advanced chips to China.
Analysts said the levy could hit the chipmakers’ margins and set a precedent for Washington to tax critical US exports, potentially extending beyond semiconductors.
Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed earlier this year, which expires on Tuesday. US President Donald Trump lauded China’s co-operation in talks at a White House news conference earlier on Monday.
The market was also anticipating key inflation data.
At 11.59am ET, the Dow Jones Industrial Average was 91.43 points, or 0.21 per cent, lower on 44,084.19, the S&P 500 was 6.87 points, or 0.11 per cent, ahead on 6,396.39, and the Nasdaq Composite was 60.17 points, or 0.28 per cent, stronger on 21,510.19. – Additional reporting: Reuters
