Stocks move: Zeeland Pharma, PC fall
The European Stoxx 600 index fell on Monday, with Dutch semiconductor equipment designer Besi leading losses down 8.8%.
This follows a sharp decline for the company on Friday after analysts raised concerns about its hybrid link technology business, according to Reuters.
PC stock price.
Raiffeisen Bank shares fall 6.7%
Raiffeisen Bank shares fell nearly 7% on Monday amid concerns that the Austrian bank could face US sanctions over its dealings with Russia.
The stock was down 6.7% at 2:20pm London time.
Reuters reported last week that US sanctions officials are set to warn banks in Austria to examine their exposure to Russia and “take mitigating measures” to ensure they do not conflict with Western sanctions on Moscow.
In response to a news article, the company said in a statement on Monday: “Media reports implying that the US Treasury has made allegations of sanctions violations or evasion against the Reserve Bank of India are also false.”
She added in a statement: “The US Treasury made clear in a public statement that financial institutions that violate or circumvent sanctions imposed on Russia may be excluded from the US financial system.”
Despite noting a decline in its Russia business in its 2023 results and noting that it continues to explore a “sale or offer,” the volume of its loans in the country at the end of the year amounted to €6 billion ($6.5 billion). It is the largest Western bank still doing business in Russia, and has been blacklisted as “war sponsors” in Ukraine.
– Karen Gilchrist and Jenny Reid
China's economy is “weak, but not that weak” and valuations are too low, a strategist says
Sean Ren, founder and managing director of China Market Research Group, discusses the outlook for the Chinese economy and its impact on global markets.
CNBC Pro: '$28 Trillion Opportunity': Ark Invest Reveals the Best AI Plays Right Now
As the hype around artificial intelligence continues to grow, investors are looking to identify which sectors are best to capitalize on.
Tasha Kenny of Ark Invest is no different.
Kenny, director of investment analysis and institutional strategies at the asset management firm, estimates that the market value of stocks attributable to innovation will jump to $220 trillion by the end of the decade, from $15 trillion to $20 trillion today.
“Most of that… we expect will actually be attributable to AI,” she said, listing the sectors – and three stocks – to benefit from it.
CNBC Pro subscribers can read more here.
– Amala Balakrishner
CNBC Pro: Nvidia's secretive chip supplier is also benefiting from the AI boom, says fund manager
Outperforming fund manager Stephanie Niven has named a semiconductor equipment stock that could be a lesser-known company to benefit from the artificial intelligence boom.
The stock is up 89% over the past 12 months amid the semiconductor AI rebound.
“It's a semiconductor equipment manufacturer, leaning into the AI supply chain,” Nevin told CNBC's Squawk Box Europe. “This is work that decarbonizes the shift to AI because it reduces errors and increases returns.”
CNBC Pro subscribers can read more here.
– Ganesh Rao
European Markets: Below are the opening calls
European markets are scheduled to open lower on Monday.
United kingdom FTSE 100 index The index is expected to open 25 points lower at 7,634 points in Germany Dax Declining 75 points to 17,739 points for France Kak Down 30 pips at 7998 Italy FTSE MIB indicator Down 118 points to 33,298, according to IG data.
No big earnings or data releases.
– Holly Eliatt
