European shares closed up slightly, driven by banking and technology stocks as investors weigh up the impending US tariff deadline on Wednesday.
The European Union still aims to reach a trade deal by July 9th after European Commission president Ursula von der Leyen and US President Trump had a “good exchange” with the US trade secretary saying the US will make several trade announcements in the coming days.
Dublin
Despite the uncertainty, the Iseq All-Share index ended the session up 1.05 per cent at 11,439.60.
In a quiet session, the index outperformed its European counterparts driven by big caps Ryanair and Bank of Ireland.
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The airliner rose 2.95 per cent to €24.4 as part of a sectoral uplift which saw the industry perform well globally.
Bank of Ireland led the banks in a positive day for the sector, up 2.47 per cent to €12.425, with AIB up 1.09 per cent and Permanent TSB up 0.48 to keep the sector in the green.
Food stocks Glanbia and Kerry Group both ended the day in the red, down 1.78 and 0.76 per cent respectively as the two continued ongoing stock buyback programmes.
London
Britain’s main stock indices ended lower on Monday as investors parsed through a bunch of corporate updates and focused on developments around US tariff policy.
The blue-chip FTSE 100 dipped 0.2 per cent, while the domestically oriented FTSE 250 slipped 0.1 per cent.
UK midcap stocks came under pressure last week after British Finance Minister Rachel Reeves appeared in tears in parliament following a series of costly U-turns on welfare reforms, raising concerns about the government’s ability to cut spending, and about party control.
While markets have recovered since, uncertainty around US tariffs continued to weigh on sentiment.
Oil and gas stocks dropped 2.6 per cent, leading losses among the main UK sectors.
Shell dipped 2.9 per cent after the energy giant forecast quarterly earnings would be hit by weaker trading in its integrated gas division and losses at its chemicals and products operations, ahead of second-quarter results due on July 31.
Peer BP was down 2 per cent despite gains in crude prices.
Currys fell 5 per cent, leading losses in the midcap index, after RBC downgraded the electrical retailer to “sector perform”, saying its outlook will remain sensitive to macroeconomic risks.
Europe
European shares ended higher on Monday, driven by gains in technology and bank stocks at the start of a week where investors are on the lookout for any trade-related headlines in the countdown toTrump’s tariff deadline.
The pan-European STOXX 600 index ended 0.4 per cent higher, gaining some ground after clocking a weekly loss on Friday.
On Monday, technology stocks were among the biggest boost on the STOXX, with Germany’s SAP and Dutch semiconductor equipment makers ASML climbing around 2 per cent each.
A gauge of euro zone lenders gained 1.6 per cent, with France’s Société Générale jumping 2.8 per cent, hitting its highest level since 2017 earlier in the day.
Capgemini fell 5.6 per cent after the French IT services firm agreed to buy technology outsourcing company WNS for a cash payment of $3.3 billion (€2.8 billion).
New York
Following a rally to all-time highs, the S&P 500 lost steam, with a gauge of megacaps down in midafternoon trading on Monday. Tesla tumbled as Elon Musk announced he’s formed a new political party, digging deeper into a pursuit that’s been a drag on his most valuable business.
Elsewhere, copper and other industrial metals slid after Trump injected fresh uncertainty into his trade agenda with a pledge to impose a 10 per cent tariff on countries aligned with the Brics bloc of nations.
Oil crept higher even after the Organisation of Petroleum Exporting Countries Plus (Opec+) decided on a bigger-than-expected production increase next month, with the group’s leadership showing confidence the market can absorb the extra barrels.
Shares of WNS jumped double digits following the news that French IT services firm Capgemini agreed to buy the outsourcing firm for $3.3 billion in cash. – Additional reporting, Reuters, PA.
