European stocks opened mostly flat on Monday, as investors digested mixed corporate earnings. They also monitored the trade talks between the United States of America and the European Union in advance of the August 1 deadline for tariffs.
The pan-European STOXX 600 Index was down by 0.01% to 546.97.
The CAC 40 in France and the DAX in Germany both rose by around 0.1%. Auto stocks, however, underperformed with a 0.6% decline.
Early trading saw the FTSE 100 slightly rise by around 0.12%.
Stellantis fell 2.4% following the announcement by the automaker that it had projected a net loss of EUR2.3bn for the first six months of this year. The company cited pre-taxes and the early effects of US tariffs.
Ryanair’s stock jumped by 5.8% following the announcement of a net profit that was more than doubled for the quarter April-June.
US Commerce Secretary Howard Lutnick stated Sunday that Washington is optimistic that a deal can be reached with the EU. However, he reaffirmed the August 1 deadline for tariffs to take effect.
China’s Foreign Ministry confirmed separately that Antonio Costa, President of the European Council and Ursula von der Leyen, President of the European Commission will be meeting Chinese President Xi Jinping Thursday.
Asian stock prices remain stable
Investors weighed geopolitical concerns, China’s steady policy and the political development in Japan as they analyzed Monday.
This week, the region is geared up for a busy one, with corporate earnings and housing statistics from the US, as well as speeches by central bankers.
Chinese shares edged up after the People’s Bank of China maintained its benchmark lending rate in line with expectations.
Hong Kong’s Hang Seng Index rose 0.6% by midday to 24,963.07, aiming for its highest closing since January 21, 2020.
Japan’s market closed for the day following the elections, in which the ruling party lost the upper house majority. This added a new layer of uncertainty to the political climate.
The Kospi index in South Korea rose by nearly 0.5% on the back of gains made by heavyweight technology stocks.
US Stocks on Friday
US stocks closed Friday with a subdued tone, as major indices lacked direction in choppy trade.
The Nasdaq Composite closed at 20,895.66, a new record, while the S&P 500 dropped 0.57 points.
Dow Jones Industrial Average fell 142.30 point, or 0.3% to 44,342.19.
Investors locked in profits after intraday highs on the Nasdaq 500 and S&P 500.
The Nasdaq gained 1.5% in the past week despite Friday’s level close. Meanwhile, the S&P 500 grew by 0.6%. Dow Jones, on the other hand, fell 0.1% in that same time period.
Markets are cautious, as they weigh President Trump’s actions on trade and the economic outlook for the US.
This article European stocks open flat, Trump tariffs impact sentiment: DAX and CAC both down 0.1% could be updated as new information becomes available
This site is for entertainment only. Click here to read more
