European stocks end lower
European stocks got off to a poor start to the week, closing 0.5% lower, with most sectors in the red.
France’s CAC 40 fell 0.96%, Germany’s DAX fell 0.54% and Britain’s FTSE 100 fell 0.1%.
Stoxx 600 index.
U.S. stocks open little changed
The Dow opened about 13 points lower, while the S&P 500 and Nasdaq edged higher.
— Fred Imbert
China’s reopening has been a ‘damp squib,’ says investment manager
Catherine Doyle, an investment specialist at Newton Investment Management, said: “We really like China very much in the short term and (are) being a little bit more cautious … in the long run.”
Euro zone business growth slows in May; PMI at three-month low
Euro zone business growth slowed in May, according to monthly purchasing managers’ index data. The index, seen as a good indicator of overall economic health, fell to 52.8 in May from 54.1 in April.
Any number above 50 is considered a sign of growth rather than contraction, but May’s figure was below the initial estimate of 53.3.
— Hannah Ward-Glendon
ECB’s Vujčić says Europe is on a deflationary course
However, Boris Vujčić, a member of the ECB’s Governing Council and the head of the Croatian National Bank, said more data was needed to determine “how fast this process is going”.
UBS expects to close Credit Suisse takeover as early as June 12
The Credit Suisse logo displayed on a smartphone and the UBS logo on the background.
Sopa Pictures | Light Rocket | Getty Images
Swiss bank expected to complete credit suisse “As early as June 12,” which would create a giant Swiss bank with a $1.6 trillion balance sheet, following a government-backed bailout earlier this year.
UBS said in a statement on Monday that the closing of the transaction is subject to a registration statement, which includes the shares to be delivered, being declared effective by the SEC, and other remaining closing conditions.
Read more here.
— Reuters
Indivior shares jump 10% after settling opioid treatment monopoly claims
Indivior led the Stoxx 600 higher in early trade, with shares up 10%.
The London-listed U.S. addiction treatment company said on Friday it agreed to pay $102.5 million to settle a lawsuit from 41 U.S. states over its monopoly of its opioid addiction treatment drug Suboxone.
Independent share price.
European stocks open higher
European markets opened subdued after closing at a high on Friday as traders digested a U.S. debt-ceiling deal and euro zone inflation data.
The pan-European Stoxx 600 index opened 0.1% higher, with sectors and major bourses mixed.
CNBC Pro: Ark Invest: These 2 AI stocks are being ignored by the market
Frank Downing of Ark Ventures said two companies specializing in artificial intelligence were undervalued by the stock market.
Downing, Director of Research Ark Next Generation Internet ETFarguing that as the cost of artificial intelligence falls, investors should look for companies with niche use cases that can deliver higher returns.
Downing says his stock picks could be significantly improved by leveraging large language models, such as those made by OpenAI, the company behind ChatGPT.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Oil rises more than 2% after Saudi Arabia pledges deeper output cuts
Oil prices rose after top OPEC member Saudi Arabia decided to cut output by another 1 million barrels per day.
In early Asian trade on Monday, global benchmark Brent crude futures rose 2.4% to $78 a barrel, while U.S. West Texas Intermediate crude futures rose 2.5% to $73.53 a barrel.
“The market is not widely expecting a unilateral cut of 1 million barrels per day from Saudi Arabia,” Rapidan Energy President Bob McNally told CNBC via email after the decision.
“This again shows that Saudi Arabia is willing to act unilaterally to stabilize oil prices,” McNally said.
——Li Yingshan
CNBC Pro: Goldman Sachs and others say copper prices will soar.Here are some stocks that analysts like
Wall Street analysts have been bullish on the metal lately, with Citigroup and Goldman Sachs predicting a price surge.
For those looking to buy into the sector, CNBC Pro screened the stocks in the Global X Copper Miners ETF, and the resulting stocks included one that rose nearly 100%.
CNBC Pro subscribers can read more here.
— Weizhen Tan
European markets: Here are the opening calls
Britain’s FTSE is set to open 11 points higher at 7,622, while Italy’s MIB is set to rise 61 points to 27,109, IG data showed. Major stock indexes in France and Germany looked set to open lower, with the DAX down 15 points to 16,048 and the CAC down 4 points.
— Hannah Ward-Glendon