European investors cautious as China-US trade talks consume attention
European shares eased in cautious trade on Monday as investors avoided making big bets pending the outcome of Sino-U. S. trade talks in London.
The pan-European STOXX 600 ended slightly lower at 553.24 points, after four straight sessions of gains, its longest consecutive winning streak in three weeks.
Dublin
Falling slightly from a peak in afternoon trading, the Iseq All-Share index ended the session at a record close of 11,651.80, rising 29.59 points, or 0.25 per cent.
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Shares in Glanbia plc rose 1.50 per cent to €12.83, following the commencement of the company's share buyback scheme on Friday. The Irish food group purchased more than 70,000 of its own shares at an average price of €12.6283.
It was a good day of trading for the banking sector. Permanent TSB rose 1.68 per cent to €12.83, and Bank of Ireland rose 0.93 per cent to €12.48. Bank of Ireland remained largely static, dropping 0.14 per cent to €7.07.
Insulation specialist Kingspan, remained largely static in trading on Monday after making gains last week following the announcement that it would increase its planned investment in the US roofing business to $1 billion over the next five years. Shares rose 0.26 per cent to 75.75.
In housing and construction, Glenveagh rose 1.14 per cent to €1.77, Irish Residential Properties REIT increased 0.93 per cent to €1.09, and Cairn Homes rode the rising sectoral tide to €2.19, up 0.92 per cent.
It was a mixed day for leisure and travel stocks, hotel group Dalata rose 0.32 per cent to €6.25, while Ryanair fell slightly, down 0.08 per cent, to €24.26.
London
The blue chip FTSE 100 index fell 5.63 points, 0.1 per cent, to 8,832.28. The more domestically focused FTSE 250 ended up 128.63 points, 0.6 per cent, at 21,285.91.
On the FTSE 100, M & G rose 3.2 per cent as UBS upgraded to 'buy', but WPP fell 2.8 per cent after it said Mark Read will step down as chief executive officer at the end of 2025 after seven years leading the company.
In London, shares in Cordel plunged 12 per cent after it warned full-year revenue will be lower than forecast.
The London-based company, which uses artificial intelligence to supply transport corridor analytics, expects to report revenue in the range of £4.7 million (€5.6 million) and £5 million for the financial year to June 30th. It would represent growth of up to 12 per cent from £4.4 million the year before.
But chief executive John Davis said it will be 'lower than forecast', despite the firm making 'excellent strategic progress' in the financial year.
Broker Cavendish lowered its financial 2025 revenue forecast to £4.8 million from £6.2 million.
Elsewhere, Dunelm fell 3.9 per cent after RBC Capital Markets downgraded to 'sector perform' from 'outperform', while, Trustpilot slid 5.8 per cent as Panmure Liberum slapped a 'sell' rating on the company.
Europe
The pan-European Stoxx 600 index remained largely unchanged, down 0.072 per cent, in a quiet day when several markets were closed due to holidays.
Trading was thin as markets in Switzerland, Denmark and Norway were among those closed due to the Whit Monday holiday. The utilities sector was among the biggest losers. Often tracked as a bond proxy – a slide in Eurozone bonds pressured the index.
China said on Friday that it was willing to accelerate the examination and approval of rare earth exports to European Union firms. Automakers – a sector vulnerable to any rare earth supply disruptions – was flat.
Among individual stocks, Spectris soared 60.1 per cent after the scientific instruments maker said it would accept a 3.73 billion pounds (€4.43 billion) bid from Advent.
New York
Wall Street's main indexes were mixed in mid-amidafternooning on Monday as investors watched a fresh round of US-China negotiations aimed at mending a trade rift that has rattled financial markets for much of the year.
Top officials from both countries have kicked off discussions at London's Lancaster House, looking to get back on track with a preliminary trade agreement struck last month that had briefly cooled tensions between the world's largest economies.
Nvidia gained as most megacap and growth stocks were up. Tesla was down marginally after brokerage Baird downgraded the stock to 'neutral'.
Warner Bros Discovery shares jumped after the company said it would separate its studios and streaming business from its fading cable television networks.
Robinhood Markets fell after S&P Dow Jones Indices left S&P 500 constituents unchanged in its latest rebalancing, following recent speculation that the online brokerage would be added to the benchmark index. – Additional reporting, Reuters, PA.
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