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This is CNBC’s live blog covering the European market.
The European market fell on Monday, slashing profits early in the session to continue the volatility seen in global markets last week.
European tech stocks, following their US counterparts, pulled back 3.1% at 4:16pm in London. This was declining amid uncertainty over the impact of US tariffs on the world’s largest economy outlook.
The Pan-European Stoxx 600 was 0.7% lower at 1:52pm in London, with all major neglect in negative territory. Germany’s DAX fell 1.2% after rising during early morning trading.
Regional markets closed on negative territory last Friday, closing off a volatile week, the key data data for US tariffs, Whip’s policy on U.S. tariffs, the latest interest rate cuts from the European Central Bank, and the US employment that rose by 151,000 people in February, not exceeding expectations.
As the Asia-Pacific market was mixed overnight, traders watched the new trading week, with investors monitoring steelmakers at 25% steel and aluminum imports, starting this Wednesday.
US stock futures moved low on Sunday evenings before busy week of economic data.
Geopolitical action will be made this week at a meeting between US officials and Ukrainian counterparts in Saudi Arabia. The US said a conference in Jeddah on Tuesday could measure whether Ukraine is willing to make meaningful concessions to reach a peace deal with Russia and end the war.
ASML Stock slides 4.5% after US high-tech counterparts fall
Dutch semiconductor giant ASML fell 4.5% at 4:30pm London time amid a wider slump in European technology stocks.
The European Stoxx 600 Tech Index fell by 3.3%, while fellow Chipmaker Asmi fell by 5.5%. In the US, Nvidia fell 3.8%, losing nearly a third of its value after reaching its high in January.
Concerns over US tariffs and widespread growth concerns have led to technology stocks being lowered.
– Lucy Handley; Samantha Subin
Bofa takes a bigger slice of voting rights for Commerzbank
According to a post on Deutsche Bank’s website issued Monday, Bank of America has increased its direct stock and shares from Commerzbank to 10.16% from 6.98%.
Germany’s second largest money lender, Commerzbank, is targeting “very aggressive” bids by Italian banking universities, German finance minister Jörg Kukies told CNBC in January. UnicRedit currently holds 9.5% stake and 18.5% stake directly through Deutsche Bank’s derivatives.
Commerzbank has highlighted its lawsuits since Azunicredit’s shock move after market speculation that Italian lenders may be keeping an eye on cross-border takeovers.
Last month, Commerzbank said it would cut 3,900 jobs by 2028, and announced a new target spatch.
Bank stocks fell 2.4% at 3:24pm London time.
– Lucy Handley
US stocks open low and start a new trading week
US stocks have opened low to start a new trading week.
The Dow Jones industrial average fell 400 points or 1%. The S&P 500 skid 1.4%, while the Nasdaq Composite cut by 2%.
– Lisa Kailai Han
Novo Nordisk shares fall after court results for next-generation weight loss drugs
nuphoto | nuphoto | Getty Imagesmedical Bottles and Syringes have the Novo Nordisk logo displayed on the background screen.
Novo Nordisk shares fell Monday, down 6.3% by 12:24 pm London time on Monday after the Danish drug giant said that obese or overweight adult patients with type 2 diabetes helped them lose 15.7% of their body weight after 68 weeks.
Novo Nordisk, a manufacturer of the wildly popular weight loss pills, previously predicted weight loss in 25% of patients taking Cagrisema. In another review result published in December, the company found that Cagrisema helps patients lose 22.7% weight.
Read the full story here.
– Chloe Taylor
Autos Stocks Resume Rally
Jens Schlueter | Getty Images News | Getty Images will assemble all new electric Porsche Macans at the Porsche assembly plant in Leipzig, Germany on May 6, 2024.
The European Stoxx Autos Index rose 0.6% in London time at 8:28am, with Autos seeing its biggest profits in early trade.
Porsche shares rose 2.2%, with both BMW and Stellantis both earning over 1%.
The automaker’s positive momentum continued from the rally on Friday. This comes after US President Donald Trump exempts carmakers from tariffs targeting Canada and Mexico.
– Chloe Taylor
Market “Times are Changing”: Deutsche Bank’s Lead
In a note to clients on Monday, Deutsche Bank’s Jim Reid described last week as “one of the more dramatic weeks in living memory” in the financial markets, pointing to major sales of German 10-year government bonds known as the band and major moves in other asset classes.
“The Euro has made its biggest weekly profit since March 2009, but the S&P 500 has declined to its biggest week in six months,” he said. “We keep holding our breath, so even if we don’t think there’s a news flow this week, it’s relatively quiet for our data. The highlight of the data is us. [Consumer Price Index] On Wednesday, but the reality is that there are bigger fish for the market to fry at this time than the monthly inflation report. How is time changing? ”
– Chloe Taylor
German exports fell in January
Germany’s exports fell 2.5% a month in January, preliminary data from the country’s Federal Statistics Office showed Monday.
Exports to EU countries fell 4.2% each month, while exports to non-EU countries fell 0.4% compared to December.
– Chloe Taylor
European Market: Opening Calls are as follows
The European market is expected to open high Monday.
The UK’s FTSE 100 index is expected to rise 32 points at 8,711, Germany’s DAX is expected to rise 58 points at 23,092, France’s CAC 58 points at 8,170, and Italy’s FTSE MIB is expected to rise 186 points at 38,816.
There were no major revenue or data releases in Europe on Monday.
– Holly Eliatt
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