LONDON — European markets fell into negative territory on Monday, as last week’s positive momentum faded.
pan-european Stocks 600 Shares were down 0.2% as of 9:15 a.m. ET in London.
This follows a record-breaking previous session when the European benchmark index hit an intraday high of 588.07 points as investors digested a series of interest rate decisions.
Shares of French biotech companies Abibax The company has been one of Europe’s best-performing stocks this year and continues to attract investors’ attention, rising 8.6%. Avivax declined to comment on Monday when contacted by CNBC about rumors of a possible acquisition by a major U.S. company. Eli Lilly.
On the other side of the index, Stellantis shares fell 2.2%.
The Italian Competition Authority (AGCM) on Friday concluded its investigation into Stellantis and the Italian corporate sector. tesla, BYD and volkswagen. The antitrust investigation centered on the transparency of information advertised to consumers regarding EV range, battery degradation, and warranties provided to consumers. Automakers need to make this information more transparent and clear.
Gold and silver prices also rose to new highs on Monday. Gold rose to a record level of $4,445.8 per ounce, but silver It hit $68.96 an ounce in early morning trading and has since broken earlier gains. Prices have increased nearly 70% and 128%, respectively, since the beginning of the year.
The US and UK presidents spoke by phone on Sunday to discuss Ukraine and Gaza, as attempts to broker a peace deal between Russia and Ukraine progress.
European and Ukrainian negotiators have made changes to the U.S. draft peace agreement leaked to the media last month, but a Kremlin policy aide said on Sunday that “the document definitely does not improve and the chances of achieving long-term peace do not improve.” European and Ukrainian leaders feared the proposal would be biased in Russia’s favor and force Kiev to make too many concessions. The war is now approaching four years.
In other private markets, fast fashion giant Cien on Friday escaped a three-month ban in France for selling child-like sex dolls after a court ruled in its favor in a case against the French government. The court ordered that Shein must implement age verification on its site. The government said it would appeal the decision.
There are no major data releases today, but UK GDP and business investment figures are expected to be confirmed following earlier preliminary announcements.
Asia-Pacific markets rose on Monday as investors understood the People’s Bank of China’s decision to keep loan prime rates unchanged. The People’s Bank of China kept its one-year and five-year loan prime rates unchanged at 3% and 3.5%, respectively, for the seventh consecutive session, according to a Reuters poll.
In the U.S., stock futures rose Sunday night as traders weighed whether tech stocks could regain footing by the end of the year following a late-week rally that lifted the S&P 500 and Nasdaq Composite last week.
—CNBC’s Lee Ying Shan contributed to this report.
