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LONDON — European stock markets closed lower on Monday as investors begin a new quarter in a subdued fashion.
Major bourses saw early rises on Monday morning, following on from a decent first session of Q2 in Asia, which saw Japan’s Nikkei close 0.46% higher. That rise was aided by a survey showing a rise in confidence from Japan’s big manufacturers.
However, as the day progresses, stocks have started to slip, with continental European bourses seeing falls of as much as 0.8% during the afternoon.
As Mike van Dulken of Accendo Markets wrote in an email to clients: “Global equities are making a cautious start to the new quarter with mixed transatlantic index performance at odds with a positive Asian close.
“Big corporate moves are thin on the ground and after a busy prior week geopolitical concerns have cooled. However, event risk looms large in the form of Fed minutes, the Trump-Xi meeting and Friday’s US jobs report.”
In Britain, the FTSE 100 had gained as much as 0.4% in the first few minutes of trading, before dropping. The index finally closed down 0.57%, or 41.67 points, at 7,281.25. Here is the chart:Investing.com
The biggest fall on the FTSE 100 was Next, which closed down almost 3.2% after analysts at BNP Paribas gave the retailer an “underperform” rating. Analysts set a price of £37.00, well below Next’s closing price of £41.66.
Another significant move in the UK comes from Imagination Technologies, which on Monday announced that Apple, its biggest customer, will no longer be using its tech.
The news sent Imagination’s share price collapsing. Its stock opened down over 60% and ended the day down 61.60%. Imagination is listed on the FTSE All-Share index.
Other major European stock markets closed in the red on Monday, with the steepest losses in Spain and Italy. Here is the scoreboard:Investing.com