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Europe shares close mixed with U.S. debt ceiling talks to resume; Greek stocks up almost 7%

Jenni Reid
Holly Ellyatt

This is CNBC's live blog covering European markets.

European stock markets closed mixed on Monday, with investors keeping an eye on U.S. debt ceiling talks and Greek election results.

The pan-European Stoxx 600 closed 0.01% higher, having shed marginal gains made through the morning.

European markets


Sectors were mixed, with travel and leisure up 0.6% as oil and gas and mining stocks dropped 0.4%.

Germany's DAX index slipped from Friday's record close, closing 0.3% lower.

In Greece, the Athens General Composite Index rocketed up almost 7% after the ruling conservative party, New Democracy, secured a firm lead in elections on Sunday. Talks will now begin over a second election as it fell just short of a parliamentary majority and Greek Prime Minister Kyriakos Mitsotakis rejected the option to seek a coalition government.

Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default, with President Joe Biden and House Speaker Kevin McCarthy scheduled to meet at the White House.

On Sunday, U.S. Treasury Secretary Janet Yellen said "hard choices" will need to be made about which bills will go unpaid if the debt ceiling is not raised and reaffirmed her warning that the United States could default on its debt as early as June 1.

Asia-Pacific markets mostly rose as stocks in Tokyo extended a rally, while U.S. stocks moved higher.

Political stability, reforms and Covid recovery fund behind Greece’s growth, analyst says

Wolfango Piccoli, co-president at Teneo, discusses the Greek election and the country's economic outlook.

Political stability, reforms and Covid recovery fund behind Greece's growth, analyst says
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Squawk Box Europe

It’s almost impossible to decouple from China, professor says

Giuliano Noci, vice-rector for China at Politecnico di Milano, discusses the Group of Seven's aim of de-risking, rather than decoupling, from China.

It's almost impossible to decouple from China, professor says
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Dechra Pharmaceuticals drops 11% on lower profit expectations

Shares of Dechra Pharmaceuticals dropped 11% after the veterinary drugmaker readjusted its profit expectations for the year.

Dechra said its profits would be below its previous forecast thanks to a volatile environment and ongoing de-stocking by its wholesalers.

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Dechra Pharmaceuticals share price.

— Hannah Ward-Glenton

Ryanair CFO predicts European airline consolidation as fuel hedging drives bumper profit

Ryanair CFO predicts European airline consolidation as fuel hedging drives bumper profit
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Ryanair CFO predicts European airline consolidation
Squawk Box Europe

Neil Sorahan, chief financial officer at Ryanair Group, discusses the outlook for Europe's aviation market and the Irish low-cost carrier's strong full-year earnings report.

Significant chance there won't be any Fed cuts this year despite market's certainty, CIO says

Significant chance there won't be any Fed cuts this year despite market's certainty, CIO says
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Squawk Box Europe

Patrick Armstong, chief investment officer at Plurimi Group, discusses his positioning on the U.S. economy and the federal funds rate.

Oil may ‘crawl higher’ to $95 a barrel in 2023, UBS says

Oil may 'crawl higher' to $95 a barrel in 2023, UBS says
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Oil may 'crawl higher' to $95 a barrel in 2023, UBS says
Squawk Box Europe

Dominic Schnider, head of commodities and Asia-Pacific forex CIO at UBS, discusses the outlook for the oil market.

Ryanair shares higher after bumper profits

Ryanair's Dublin-listed shares were 2.24% higher after the low-cost airline reported full-year net profit of 1.43 billion euros ($1.55 billion), up from a loss of 355 million euros the prior year.

The company said it had benefited from a 74% rise in passenger numbers and "favorable" hedges offsetting spikes in fuel costs.

— Jenni Reid

Europe stocks open mixed

European stocks lacked direction Monday morning as investors waited for the latest news on U.S. debt ceiling talks, with the Stoxx 600 index up 0.07% at 8:12 a.m. London time.

Mining, oil and gas and banking stocks suffered the worst losses, all down around 0.5%.

Household goods and health care were more upbeat, gaining 0.5%.

Germany's DAX slipped 0.12% from Friday's record close, while France's CAC dipped 0.08%. The U.K.'s FTSE 100 added 0.25%.

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Stoxx 600 index.

— Jenni Reid

Southeast Asia’s worst-performing stock market is UBS’ ‘top pick’

China's property market recovery needs to be more 'broad-based,' UBS says
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China's property market recovery needs to be more 'broad-based,' UBS says
Squawk Box Asia

Thai stocks are the worst performers in Southeast Asia this year, but UBS says Thailand is its "top pick" in the region. Thailand's SET index fell 0.5% on Monday's afternoon and is down by more than 9% this year.

Thailand stands to be a "big beneficiary" of a tourism boost from China once the latter's employment numbers increase, said UBS Global Wealth Management's Kelvin Tay told CNBC's "Squawk Box Asia."

However, Thailand's elections are a "potential game changer" and monarchy-linked companies could be set back by a change in government, he said.

— Audrey Wan

CNBC Pro: Tesla vs. BYD: Here's why one fund manager prefers the Buffett-backed automaker

In an era defined by the need to tackle climate change, electric vehicles (EVs) are seen as an increasingly important part of the solution.

For Philip Ripman, portfolio manager at Storebrand Asset Management, one global EV automaker stands out: China's BYD — not Elon Musk's Tesla.

As an investor, Ripman said that BYD's appeal goes beyond just manufacturing electric cars.

CNBC Pro subscribers can read why the fund manager is bullish on BYD here.

— Ganesh Rao

Debt celing negotiations to resume on Monday

Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default.

President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House.

Treasury Secretary Janet Yellen said Sunday that "hard choices" will need to be made about which bills will go unpaid if the debt ceiling is not raised and reaffirmed her warning that the United States could default on its debt as early as June 1,

— Jesse Pound, Ashley Capoot

CNBC Pro: These 4 stocks are on Goldman's 'conviction buy' list — and it gives one 115% upside

A look at Goldman Sachs' "conviction buy" stocks this year reveals some names with serious upside potential.

The Wall Street bank's list comprises its top buy-rated stocks that it expects to outperform.

CNBC Pro subscribers can read more about five of them here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are expected to open higher Thursday.

The U.K.'s FTSE 100 index is expected to open 32 points higher at 8,365, Germany's DAX up 25 points at 18,510, France's CAC 7 points higher at 8,143 and Italy's FTSE MIB up 59 points at 33,908, according to data from IG.

Earnings are due from Ferrovial, Telefonica, EDP, Enel, Pirelli and Salvatore Ferragamo.

— Holly Ellyatt