European shares closed at their highest levels in six weeks on Monday, led by mining and luxury stocks, after a promise of renewed stimulus to support China’s slowing economy.
Dublin
The Irish index of shares ended the day marginally higher, with the index gaining 0.27 at the closing bell. The market was lifted by gains in banking shares, with AIB adding 1.5 per cent while Bank of Ireland gained a more modest 0.7 per cent. Insurer FBD was up more than 1 per cent.
Travel stocks were mixed. While Ryanair showed some modest gains on Monday, Dalata fell by more than 3 per cent and ferries group ICG was down 4 per cent. Food groups also weighed on the index, with Kerry losing 0.9 per cent and Glanbia 1.2 per cent off the pace.
London
Britain’s FTSE 100 climbed on Monday, rising 0.5 per cent, while the midcap FTSE 250 was down 0.1 per cent after hitting a seven week high earlier in the session.
The personal goods sector added to the gains, advancing 3 per cent, while aerospace and defence companies were a drag, falling 1.5 per cent.
Among individual stocks, BP and Japanese power generator JERA agreed to join forces to form one of the world’s largest offshore wind operators, a major step in chief executive Murray Auchincloss’ efforts to reduce BP’s focus on renewables. BP rose 4.3 per cent to be a top FTSE 100 performer.
Whitbread slipped 2.6 per cent after UBS cut the target price on the hotel group to 4,200p from 4,400p.
Britain’s Domino’s Pizza Group (DPG) reached a new five-year agreement with its franchise partners to expand its store network and increase investment in its digital platform. However, its shares fell 3.4 per cent.
Europe
The pan-European STOXX 600 index edged up 0.1 per cent, and notched its eighth consecutive session of gains.
France’s CAC 40 index closed up by 0.7 per cent, further trimming its annual declines to less than 1 per cent. The German DAX slipped 0.1 per cent, having touched a record high earlier in the session.
Among individual stocks, Banco BPM rose 2.2 per cent, while its suitor UniCredit dipped 1.2 per cent after Credit Agricole said it was poised to raise its stake in Banco BPM.
German meal-kit company HelloFresh fell 9.8 per cent, with traders citing a report about a U.S. probe over allegations of child labour.
CompuGroup Medical soared 31.4 per cent after the German provider of healthcare software said it was in advanced talks to be acquired by CVC Capital Partners for a potential €22 per share.
Vivendi closed up 1.2 per cent after shareholders approved the break-up of the French media conglomerate.
New York
Wall Street’s main indexes slipped on Monday as declines in AI powerhouse Nvidia pressured tech stocks, while investors awaited a key inflation report this week.
Chipmaker Nvidia lost 3.1 per cent after China’s market regulator said it had opened an investigation into the company over suspected violation of the country’s antimonopoly law, sending the information technology sector down 0.4 per cent.
Advanced Micro Devices also fell 4.2 per cent as BofA Global Research downgraded its rating on the stock.
The Dow Jones Industrial Average fell 94.95 points in morning trading, or 0.22 per cent, to 44,547.57, the S&P 500 lost 27.02 points, or 0.44 per cent, to 6,063.25, and the Nasdaq Composite lost 96.30 points, or 0.48 per cent, to 19,763.66.
Comcast lost 7.6 per cent after forecasting broadband subscriber losses of a little over 100,000 for the fourth quarter. That pulled down the communication services sector by 1.1 per cent.
Hershey jumped 12 per cent to lead gainers on the S&P 500, after a report said Cadbury-parent Mondelez was exploring an acquisition of the chocolate maker. Mondelez shares were off 2.4 per cent. – Additional reporting: Reuters
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