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.
Sectors were mixed, with travel and leisure up 0.6% as oil and gas and mining stocks dropped 0.4%.
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.
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.
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.
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.
— Hannah Ward-Glenton
Ryanair CFO predicts European airline consolidation as fuel hedging drives bumper profit
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
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
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
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%.
— Jenni Reid
Southeast Asia’s worst-performing stock market is UBS’ ‘top pick’
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.
As an investor, Ripman said that BYD's appeal goes beyond just manufacturing electric cars.
— 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.
— Weizhen Tan
European markets: Here are the opening calls
European markets are expected to open in negative territory Monday.
The U.K.'s FTSE 100 index is expected to open 25 points lower at 7,666, Germany's DAX down 36 points at 15,526, France's CAC down 29 points at 7,161 and Italy's FTSE MIB down 74 points at 28,521, according to data from IG.
Data releases include Germany's closely watched Ifo Institute survey of business conditions for September.
— Holly Ellyatt