European stock markets close mixed as global markets stumble slightly; Philips up 14%

U.S. stocks were flat Monday as investors awaited a slew of corporate earnings from big tech companies, as well as fresh economic data releases. 

The Dow Jones Industrial Average rose just 46 points, or 0.1%. The S&P 500 traded up 0.1%, while the Nasdaq Composite dipped 0.1%.

Shares of Swedish gaming company Embracer jumped 9% on positive reviews of its latest game.

Dead Island 2 was released Friday and has been well received by users and critics, according to an analyst interviewed by Reuters.

German industrial company Thyssenkrupp dropped to the bottom of the Stoxx 600 index as shares fell 11%.

The company announced its CEO, Martina Merz, is seeking to step down, but did not provide any reasons for the move. Merz had launched an overhaul of the conglomerate but shareholders were finding the process "too slow" and "not far-reaching enough," as reported by Reuters.

— Hannah Ward-Glenton

Edmund Shing, chief investment officer at BNP Paribas Wealth Management, discusses market participation, the earnings season and the economic outlook.

Luxury goods giant LVMH has become the first European company to surpass $500 billion in market value.

The Louis Vuitton owner reported a sharp rise in profit in 2022, totaling 21.1 billion euros ($23.2 billion), while it expects a boost this year from the return of high-spending Chinese travelers.

Shares of the French company are up 0.2% on the previous session at a record high.

Read more here.

— Jenni Reid

Tatjana Greil Castro, co-head of public markets at Muzinich & Co, discusses the outlook for bond and equity markets as she says a wide range of economic outcomes including a soft landing or a "strong recession" are still possible.

European stocks were lower at the open before trimming losses, with the Stoxx 600 index down 0.05% at 9:12 a.m. London time.

Sectors were mixed, with oil and gas stocks falling 0.6% and financial services up 0.6%.

France's CAC 40 traded 0.25% lower, as Germany's DAX fell 0.1% and the U.K.'s FTSE 100 dropped 0.17%.

— Jenni Reid

Shares of health-tech firm Philips were up 10% in early trade, as it reported group sales of 4.2 billion euros ($4.6 billion) in the first quarter, with comparable sales up by 6%. It also posted a widening of net losses from 151 million euros to 665 million euros.

The Dutch company said the decline was mainly due to its restructuring, as well as a 575 million euro provision for class action lawsuits over the recall of devices in its Respironics division.

CEO Roy Jakobs told CNBC's "Squawk Box Europe" the latest print was a "very good result operationally," delivering stronger margins and a better cash flow.

He added that the company had taken "a very important step in starting to get to resolution for litigation," which was a "good development as we see it."

Philips' share price has suffered over the last two years, amid challenges including the device recall, a U.S. fine and an FDA investigation, as well as supply shortages and China's lockdown denting sales.

In January the company announced it would cut 6,000 jobs as it seeks to restore profitability.

— Jenni Reid

Microsoft, Alphabet and chipmaker Nvidia are usually regarded as the biggest beneficiaries of artificial intelligence's growing popularity.

But there's another tech giant that looks likely to be the "best possible beneficiary," according to Ben Rogoff, a portfolio manager at Polar Capital with 25 years of investing experience.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Trouble is brewing at HSBC — the largest bank in Europe is facing renewed pressure from its biggest shareholder, Chinese insurer Ping An, to restructure its business.

But Morgan Stanley is sticking to its bullish stance on the U.K.-based bank, calling HSBC its "top pick" in the sector.

Pro subscribers can read more here.

— Zavier Ong

European markets are expected to open in negative territory Tuesday.

The U.K.'s FTSE 100 index is expected to open 17 points lower at 8,393, Germany's DAX down 18 points at 18,718, France's CAC 5 points lower at 8,199 and Italy's FTSE MIB down 31 points at 34,451, according to data from IG.

Earnings are due from Euronext, Eutelsat, Hannover Re, Bayer, Porsche and Vodafone.

— Holly Ellyatt