Markets Look Beyond Middle East Tensions
European equity markets traded in mixed territory on Monday as investors looked past escalating tensions in the Middle East and turned their attention to the start of the second-quarter earnings season.
Attention is shifting toward Wall Street, where major U.S. financial institutions including Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) are scheduled to report quarterly results on Tuesday.
Oil prices remained firmly higher after renewed missile exchanges between the United States and Iran heightened concerns over regional stability and the outlook for global crude supplies.
Major European Indices Diverge
London’s FTSE 100 slipped 0.2%, while France’s CAC 40 hovered around the flatline. Germany’s DAX outperformed its regional peers, edging 0.1% higher in early trading.
Company News
French carmaker Renault (EU:RNO) posted modest gains after England & Wales’ High Court of Justice dismissed all diesel emissions claims brought against the company.
Shares in Stellantis (BIT:STLAM) moved lower despite the automaker reporting a 10% year-on-year increase in second-quarter vehicle shipments.
Paints manufacturer AkzoNobel (EU:AKZA) advanced after rejecting a takeover proposal from Japan’s Nippon Paint for its decorative coatings business.
German healthcare group Fresenius (TG:FRE) declined by more than 1% after reaffirming its full-year guidance for adjusted earnings growth.
Among UK-listed stocks, recruiter PageGroup (LSE:PAGE) rallied almost 10% after delivering second-quarter gross profit ahead of market expectations.
Building materials distributor Grafton Group (LSE:GFTU) also traded higher after reporting growth in first-half trading and reaffirming its full-year adjusted operating profit outlook.
Property developer Derwent London (LSE:DLN) gained following the announcement of a new £100 million unsecured revolving credit facility agreed with Handelsbanken Plc.
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