This was CNBC’s live blog covering European markets.
European markets ended lower on Monday amid global uncertainty surrounding U.S. tariffs.
Tech shares fell across the region after their U.S. counterparts slid amid tariff concerns, while autos ended the day up 1.24% boosted by Porsche and Stellantis.
Germany’s DAX slumped 1.8% as the country’s provisional export data showed a decline. France’s CAC 40 and the FTSE 100 were meanwhile both down 0.9%.
The pan-European Stoxx 600 lost 1.4%.
Tech stocks in Europe pulled back 3.1% at 4.16 p.m. London time, following their U.S. counterparts, which were down amid uncertainty over the impact of U.S. tariffs on the outlook for the world’s largest economy.
There will be more geopolitical action this week at a meeting between U.S officials and their Ukrainian counterparts in Saudi Arabia this week. The U.S. said the meeting, which is taking place in Jeddah on Tuesday, will allow it to gauge whether Ukraine is willing to make meaningful concessions in order to reach a peace deal with Russia to end the war.
European stocks close lower
European stocks closed lower on Monday, after tech shares fell across the region. Germany’s DAX slumped 1.8% as the country’s provisional export data showed a decline. France’s CAC 40 and the FTSE 100 were meanwhile both down 0.9%.
The regional Stoxx 600 lost 1.4%.
— Lucy Handley
ASML stock slides 4.5% following U.S. tech counterparts fall
Dutch semiconductor giant ASML was down 4.5% at 4.30 p.m. London time amid a wider slump in European technology stocks.
Europe’s STOXX 600 Tech index was down 3.3%, with fellow chipmaker ASMI down 5.5%. In the U.S., Nvidia was down 3.8%, losing nearly a third of its value after hitting a high in January.
Concerns over U.S. tariffs and wider growth worries have sent technology stocks lower.
— Lucy Handley; Samantha Subin
BofA takes larger slice of Commerzbank voting rights
Bank of America increased its direct stake and its shareholding through instruments in Commerzbank from 6.98% to 10.16%, according to a post on the German bank’s website published Monday.
Commerzbank, Germany’s second-largest money lender, has been subject to a “very aggressive” bid by Italian bank UniCredit, Germany’s Finance Minister Jörg Kukies told CNBC in January. UniCredit currently holds a direct 9.5% stake and a 18.5% stake via derivatives in the German bank.
Commerzbank has been advocating its case to stand alone since azUniCredit’s surprise move, after market speculation that the Italian lender might be on the lookout for a cross-border takeover.
Last month Commerzbank said it would cut 3,900 jobs by 2028 and announced a spate of new targets.
The bank’s shares were down 2.4% at 3.24 p.m. London time.
— Lucy Handley
US stocks open lower to start new trading week
U.S. stocks opened lower to kick off the new trading week.
The Dow Jones Industrial Average dropped 400 points, or 1%. The S&P 500 slipped 1.4% and the Nasdaq Composite shed 2%.
— Lisa Kailai Han
Novo Nordisk shares fall after trial results for next-generation weight loss drug
Medical bottles and syringe are seen with Novo Nordisk logo displayed on a screen in the background.
Novo Nordisk shares fell 6.3% by 12:24 p.m. London time on Monday, after the Danish pharmaceutical giant said its weight-loss drug CagriSema helped obese or overweight adult patients with type 2 diabetes drop 15.7% of their weight after 68 weeks.
Novo Nordisk, which manufactures the fiercely popular weight-loss drug Wegovy, previously forecast weight loss of 25% for patients who take CagriSema. In another late-trial result published in December, the company found CagriSema helped patients reduce their weight by 22.7%.
— Chloe Taylor
Autos stocks resume rally
Workers assemble the new all electric Porsche Macan at the Porsche assembly plant on May 6, 2024 in Leipzig, Germany.
Europe’s Stoxx autos index was up 0.6% at 8:28 a.m. London time, making autos one of the sectors seeing the biggest gains during early trade.
Shares of Porsche were up 2.2%, while BMW and Stellantis both gained more than 1%.
Automakers’ positive momentum continued on from the Friday rally, which came after U.S. President Donald Trump exempted some automakers from tariffs aimed at Canada and Mexico.
— Chloe Taylor
‘Times are changing’ for markets: Deutsche Bank’s Reid
In a note to clients on Monday, Deutsche Bank’s Jim Reid described last week in financial markets as “one of the more dramatic weeks in living memory,” pointing to the major sell-off of Germany’s 10-year government bonds — known as bunds — as well as big moves in other asset classes.
“The euro saw its biggest weekly gain since March 2009 while the S&P 500 saw its largest weekly fall in six months,” he said. “As we continue to catch our breath, this week is relatively quiet for data even if I suspect it won’t be for news flow. The data highlight is U.S. [Consumer Price Index] on Wednesday, but the reality is that there are bigger fish for the market to fry at the moment than a monthly inflation report. How times are changing.”
— Chloe Taylor
German exports fell in January
German exports fell 2.5% month-on-month in January, provisional data from the country’s Federal Statistical Office showed on Monday.
Exports to EU member states fell by 4.2% on a monthly basis, while exports to non-EU countries were down by 0.4% compared to December.
— Chloe Taylor
European markets: Here are the opening calls
European markets are expected to open higher Monday.
The U.K.’s FTSE 100 index is expected to open 32 points higher at 8,711, Germany’s DAX up 58 points at 23,092, France’s CAC 58 points higher at 8,170 and Italy’s FTSE MIB 186 points higher at 38,816, according to data from IG.
There are no major earnings or data releases in Europe on Monday.
— Holly Ellyatt
