Pedestrians pass the Elizabeth Tower, also known as Big Ben, at the Palace of Westminster, home to the Houses of Parliament, on February 22, 2024 in London. Protect yourself from the rain with an umbrella.
Henry Nichols AFP | Getty Images
LONDON — European stock markets fell into the red on Monday after initially opening higher.
pan-european Stocks 600 The stock was down 0.3% in London by 11:41 a.m. (6:41 a.m. ET), recouping early morning gains, with major exchanges also falling into negative territory.
Saab was among the companies with big gains on Monday after the Swedish aerospace and defense company announced Friday a $3.6 billion deal to supply the Colombian government with 17 Gripen fighter jets over the next five years. Saab stock rose 7.4% by late Monday morning.
shares of airbus The company rose 1.2%, outperforming rivals after reports the European aircraft maker was close to winning a contract to supply almost 100 planes to flydubai at the Dubai Air Show. boeing Undertakes most of low-cost airlines’ jet orders.
meanwhile, WPP British advertising agency rose more than 5% after reports it was attracting takeover interest from private equity giants Apollo Global Management and KKR and smaller companions Havasu.
Market caution in regional stocks on Monday follows a difficult week for European markets last week, with regional stock exchanges closing sharply lower on Friday as concerns about the artificial intelligence bubble and the global economy shook investor confidence.
Meanwhile, comments from Federal Reserve officials in recent weeks have also encouraged investors to reconsider the possibility of a December interest rate cut. On Monday, markets priced in a 56.1% chance that the Fed would leave interest rates unchanged at its next meeting, according to CME Group’s FedWatch tool. A month ago, the market was pegging the probability of a year-end rate cut at 95%.
In the US, stock futures were mixed overnight after an eventful week in which valuation concerns, intra-market volatility and a recalibration of expectations for Federal Reserve interest rate cuts weighed on artificial intelligence trading.
Meanwhile, Asia-Pacific markets traded mixed overnight as investors assessed rising tensions between Japan and China after the Chinese government warned its citizens against plans to travel or study in Japan.
There are no major earnings or data releases in Europe on Monday.
—CNBC’s Fred Imbert and Lee Ying Shan contributed to this market report.
