European markets closed lower
Frankfurt — The major European markets closed marginally down on Monday as uncertainty about the United States and Iran entering into a lasting truce, and concerns about inflation and possible interest rate hikes by central banks rendered the mood cautious.
The focus was also on the Sintra Forum, an annual European Central Bank (ECB) event that focuses on central banking. The Sintra Forum, being held from today through Wednesday , brings together central bank governors, academics, financial market representatives, journalists and others to exchange views on current policy issues and discuss the forum’s key topic from a longer-term perspective.
After renewed hostilities, the US and Iran have agreed to halt military strikes against each other and meet on Tuesday in Doha, Qatar, to resolve their disputes over shipping routes and transit fees.
The pan European Stoxx 600 edged up 0.04%. The UK’s FTSE 100 ended 0.23% down, Germany’s DAX closed lower by 0.18% and France’s CAC 40 shed 0.21%. Switzerland’s SMI gained 0.36%.
Among other markets in Europe, Austria, Belgium, Ireland, Poland, Spain and Türkiye closed weak. Denmark and Iceland edged down marginally.
European markets closed lower
Czech Republic, Greece, the Netherlands, Norway, Portugal, Russia and Sweden closed on firm note. Finland ended flat.
In the UK market, Metlen Energy & Metals climbed 2.85%. Entain moved up 2.35% and Lion Finance Group gained about 2.25%.
SSE, Experian, Convatec Group and ICG gained 1%-1.6%. The Sage Group advanced nearly 1%.
Babcock International Group dropped 5.1%. Fresnillo and Endeavour Mining closed down by 3% and 2.9%, respectively. Persimmon, Anglo American Plc, Barratt Redrow, Vodafone Group and Whitbread lost 2%-2.5%.
In the German market, RWE gained 3.6%. Rheinmetall and Siemens Energy moved up 3.1% and 2.1%, respectively. Munich RE gained 1.6% and SAP ended 1.1% up. Zalando and Hannover RE also closed notably higher.
Heidelberg Materials fell more than 9%. Deutsche Telekom closed 5.5% down, and Volkswagen drifted down nearly 4%. Fresenius Medical Care, BMW, Continental, Bayer, Commerzbank and Porsche Automobil Holding lost 2%-3.1%.
In the German market, STMicroelectronics gained more than 3%. Thales and Publicis Groupe gained 1.8% and 1.7%, respectively. Safran, Capgemini, Bureau Veritas, TotalEnergies and Dassault Systemes also ended notably higher.
European markets closed lower
Saint Gobain shed nearly 4%. EssilorLuxottica, Renault, Stellantis, Vinci, Bouygues, ArcelorMittal, Pernod Ricard, Michelin, Orange and Eurofins Scientific lost 1%-3%.
In economic news, eurozone bank loans to the private sector increased at a faster pace in May, primarily due to the increase in lending to businesses, the ECB said. Adjusted loans to the private sector grew 3.9% on a yearly basis, following an increase of 3.5% in April.
Eurozone economic confidence improved more than expected in June as tensions in the Middle East eased, survey data from the European Commission showed.
The economic sentiment index rose to 95 in June from 93.7 in the previous month. The score was forecast to improve to 94.3.
A report from the Bank of England said UK mortgage approvals fell to the lowest since late 2023 in May.
The number of loans approved for house purchases decreased to 56,205 from 66,034 in April.
The ‘effective’ interest rate, which is the actual interest paid on newly drawn mortgages increased to 4.22% in May from 4.08% in the previous month.
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Notes from APS Radio News
Between February of 2020 and September of 2022, the Federal Reserve added about $4.6 trillion to its holdings, in effect, infusing into the economy that amount of currency.
Other central banks, including the ECB, adhered to comparable policies.
