LONDON — European markets moved into negative territory on Monday as last week’s positive sentiment wears off.
The pan-European Stoxx 600 provisionally ended the session 0.1% lower.
It follows a record-breaking previous session where Europe’s benchmark index hit a fresh intraday high of 588.07 points, as investors digested a swathe of interest rate decisions.
Danish renewables giant Orsted fell sharply in late trading after the U.S. Department of the Interior said Monday it was suspending leases on five offshore wind projects already under construction. U.S. Interior Secretary Doug Burgum cited national security concerns as the reason for the pause.
Orsted shares closed down 12.7%, while Vestas Wind Systems fell 2.7%.
Shares in French biotech Abivax soared 15.4% as the firm — one of Europe’s best-performing stocks this year — continues to garner investor attention. Abivax declined to comment when approached by CNBC on Monday about rumors of a potential takeover by U.S. giant Eli Lilly.
On Friday, the Italian competition authority (AGCM) on Friday closed its investigation into Stellantis and the Italian arms of Tesla, BYD, and Volkswagen. The antitrust probe was centered around the transparency of information advertised to consumers regarding EV driving range, battery degradation and warranties offered to consumers. The automakers must now improve the transparency of and clarify such information.
Stellantis closed the Monday session 4.6% lower.
The AGCM has been busy. On Monday, it fined Apple 98 million euros ($115 million) over alleged abuse of its dominant position in the market, particularly around the App Store. The watchdog found that Apple’s data for advertising policy for third parties restricts competition.
Gold and silver prices also soared to new highs on Monday. Gold notched upwards to a record $4,459.70 per ounce while silver hit $68.99 per ounce in early morning trade, before paring some gains through the session. Prices are up nearly 70% and 128% year-to-date, respectively.
The U.S. and U.K. presidents had a phone call on Sunday, where they discussed Ukraine and Gaza, as attempts to broker a peace deal between Russia and Ukraine march on.
European and Ukrainian negotiators have made changes to the U.S.-drafted peace deal proposal that was leaked to the media last month, but a Kremlin policy aide said on Sunday that they “definitely do not improve the document and do not improve the possibility of achieving long-term peace.” European and Ukrainian leaders were concerned the proposal skewed in Russia’s favor and Kyiv would be pressured into conceding too much. The war is now nearing four years.
Elsewhere, in the private market, fast fashion behemoth Shien escaped a three-month ban in France for selling child-like sex dolls after a court ruled in its favor in a case against the French government on Friday. Shein must implement age verification on its site, the court ordered. The government said it will appeal the decision.
Asia-Pacific markets climbed on Monday as investors parsed China’s central bank’s decision to keep its loan prime rates steady. The People’s Bank of China kept its 1-year and 5-year loan prime rates unchanged at 3% and 3.5% respectively, holding them for a seventh straight meeting, in line with a Reuters survey.
Stateside, stocks were up in midday trading as traders deliberated whether tech can regain its footing before the year’s end following a late-week surge that lifted the S&P 500 and Nasdaq Composite last week.
— CNBC’s Lee Ying Shan contributed to this report.
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