European stocks were mixed on Monday as signs of escalating tensions in the Middle East offset hopes for more interest rate cuts from the Federal Reserve this year.
Investors also awaited the release of mega-cap U.S. tech earnings and central bank policy meetings in the United States, Japan and U.K. this week for directional cues.
The pan European STOXX 600 edged up 0.2 percent to 513.79 after climbing 0.8 percent on Friday.
The German DAX was marginally higher and the U.K.’s FTSE 100 climbed 0.9 percent, while Franc’s CAC 40 dipped 0.4 percent.
Dutch medical devices maker Philips jumped 10.5 percent after its second-quarter results exceeded analysts’ estimates.
Brewer Heineken NV slumped 7.5 percent after missing half-year estimates.
Oil & gas giant BP Plc rose over 2 percent in London and Shell added 1.6 percent on fears of a wider Middle East conflict.
The Middle East braced for a potential flare-up in violence after Israeli authorities said a rocket from Lebanon struck a soccer field in the Israeli-controlled Golan Heights, killing 12 children and teens in what the military called the deadliest attack on civilians since Oct. 7.
Consumer goods company Reckitt Benckiser plunged almost 10 percent amid concerns about potential litigation after a U.S. jury found that infant formula by Abbott Laboratories had caused a girl to develop a dangerous bowel disease.
GSK gained 1 percent after its RSV Vaccine Arexvy received EU recommendation for use in adults aged 50 to 59.
Stabilus shares surged 4.6 percent in Paris. The supplier of motion control solutions confirmed its FY24 outlook after third-quarter profit rose to 24.3 million euros from 21.7 million euros last year.
China-linked shares traded lower ahead of Chinese factory activity data due this week. Hermes International tumbled more than 3 percent, LVMH fell 1.1 percent and Kering dipped half a percent.
Merck rallied 3.3 percent after the German maker of pharmaceuticals, lab gear and specialty chemicals raised its forecast for the group.
Conglomerate Thyssenkrupp fell 1.5 percent after lowering its 2024 outlook.
Business News
European Shares Mixed Amid Middle East Tensions
2024-07-29 09:33:29
