This was CNBC's live blog covering European markets.
European markets turned lower on Monday as investors look ahead to the upcoming interest rate decision from the European Central Bank.
TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
---|---|---|---|---|
.FTSE | FTSE 100 | 8,416.45 | -7.75 | -0.09% |
.GDAXI | DAX | 18,726.76 | -42.20 | -0.22% |
.FCHI | CAC 40 Index | 8,141.46 | -54.51 | -0.67% |
.FTMIB | FTSE MIB | 34,603.61 | -221.40 | -0.64% |
.IBEX | IBEX 35 Idx | 11,334.90 | -4.60 | -0.04% |
The pan-European Stoxx 600 provisionally closed 0.07% lower, with most sectors trading in the red. Mining stocks fell 1.24% while tech rose 0.8%.
U.S. stocks were also lower in morning trade after the benchmarks notched fresh record highs.
Last week, regional markets ended the week higher after investors assessed fresh inflation data out of the euro zone. Headline consumer price index fell to 2.6% in February, from January's 2.8%; economists polled by Reuters had forecast a headline reading of 2.5%.
In Asia-Pacific markets Monday, Japan's Nikkei 225 crossed the 40,000 mark, gaining 0.46% and setting a record high after the S&P500 and the Nasdaq Composite both hit fresh all-time highs on Friday.
Oil prices rose slightly overnight — with West Texas Intermediate crude prices briefly crossing the $80 mark for the first time in four months — as oil heavyweights Saudi Arabia and Russia, alongside other key OPEC+ producers, said they would extend voluntary crude supply cuts until the end of the second quarter.
European stocks closed slightly lower Monday, with the Stoxx 600 index shedding 0.07% after momentum slowed last week from the early-year rally.
The U.K.'s FTSE 100 dropped 0.55% as Germany's DAX fell 0.1% and France's CAC 40 gained 0.28%.
— Jenni Reid
The three major indexes were lower as Monday's trading session kicked off.
The Dow traded down more than 150 points, or around 0.4%, shortly after opening bell. The S&P 500 and Nasdaq Composite each slid around 0.1%.
— Alex Harring
Shares of Spanish drugmaker Grifols traded down 7.9% in early deals, continuing its downward momentum after the stock lost 35% on Thursday on the back of poor financial results.
Trading of the stock was halted last week after the company reported a 72% drop in 2023 profit as it continued to push back against a January report from hedge fund Gotham City Research, which called into question Grifols' accounting and debt ratio.
On the other end, Germany's Delivery Hero rose 5.7% after announcing a fresh financing deal including better conditions on existing credit lines.
— Karen Gilchrist
The European Central Bank is expected to hold interest rates steady on Thursday even as inflation shows more signs of easing.
ECB Vice President Luis de Guindos said Wednesday that it would need to see more data on euro zone inflation — which currently stands at 2.6% — before considering its first rate cut.
"Once our projections indicate that the data we receive, on both headline and core inflation, show that we are getting closer to 2%, then the direction of monetary policy will change," De Guindos told Spanish TV broadcaster Antena 3, according to Reuters.
Analysts from Berenberg Economics are pricing in an initial rate cut in June as the rate of disinflation slows, eventually hitting the bank's 2% target by the third quarter of this year.
— Karen Gilchrist
Hedge fund manager Dan Niles has revealed why like prefers Nvidia, Meta, Microsoft and Amazon in 2024 over Tesla, Apple and Alphabet.
Niles used the similarities between the launch of Netscape's web browser in 1994 and ChatGPT in late 2022 for hints as to how much further stocks could go.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Japan's Nikkei 225 hit yet another record high to top the 40,000 level Monday. The index was last up 0.8%.
The benchmark index has been on a record rally, which has seen it hitting all-time highs for the first time in 34 years.
Both the Nikkei and the broader Topix have been top performers among major stock markets in the Asia-Pacific. The Nikkei is up over 20% so far this year, while the Topix is up nearly 15%.
Strong earnings and investor-friendly measures by Japan's government have fueled a blistering rally in equities this year.
The broad-based Topix inched 0.1% higher Monday after crossing the 2,700 mark and hitting a record high last Friday.
— Shreyashi Sanyal
U.S. Big Tech names were stand-out performers last year as investors piled into the so-called "Magnificent Seven" stocks: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla.
These stocks – collectively – were behind much of the gains that drove the benchmark S&P 500 Index up by around 25% in 2023.
Veteran investor and trader Adam Reynolds, however, is looking beyond U.S. tech to 10 lesser-known gems across Europe, Japan and Australia.
These stocks, have a market capitalization of over $50 billion and logged a total growth rate of at least 30% returns annually over the last five years.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
European markets are expected to open lower Tuesday.
The U.K.'s FTSE 100 index is expected to open 43 points lower at 8,381, Germany's DAX down 60 points at 18,708, France's CAC 33 points lower at 8,139 and Italy's FTSE MIB down 140 points at 34,788, according to data from IG.
Earnings come from Kingfisher, Smiths Group, Fresnillo and Generali. Euro zone trade balance and construction data for March are due.
— Holly Ellyatt