Stocks on the move: Zealand Pharma, Besi fall
Europe’s Stoxx 600 index was lower Monday, with Dutch semiconductor equipment designer Besi leading losses to fall 8.8%.
It follows a steep fall for the firm on Friday after analysts raised concerns over its hybrid bonding technology business, according to Reuters.
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Besi share price.
Raiffeisen Bank shares down 6.7%
Shares of Raiffeisen Bank on Monday fell nearly 7% amid concerns that the Austrian bank could face U.S. sanctions for doing business with Russia.
The stock was down 6.7% at 2:20 p.m. London time.
Reuters reported last week that U.S. sanctions officials were set to warn banks in Austria to examine their Russian exposure and “take mitigation measures” to ensure they don’t fall afoul of Western sanctions on Moscow.
In response to a news article, the company said in a Monday statement: “Media reports implying that the U.S. Treasury has made allegations of sanctions violation or evasion against RBI are also false.”
It added in a statement: “The U.S. Treasury has made clear in a general statement that financial institutions that violate or circumvent Russia sanctions may be excluded from the US financial system.”
Despite outlining a reduction in its Russia business in its 2023 results and stating that it continues to explore a “sale or a spin-off,” its loan volume in the country at the end of the year was 6 billion euros ($6.5 billion). It is the biggest western lender still doing business in Russia, and has been placed on Ukraine’s “sponsors of war” blacklist.
— Karen Gilchrist and Jenni Reid
China’s economy is ‘weak, but not that weak’ and valuations are too low, strategist says
Shaun Rein, founder and managing director of the China Market Research Group, discusses the outlook for the Chinese economy and its impact on global markets.
CNBC Pro: A ‘$28 trillion opportunity’: Ark Invest reveals its top AI plays right now
As the buzz around artificial intelligence continues to build, investors are looking to identify the sectors best placed to benefit.
Ark Invest’s Tasha Keeney is no different.
Keeney, director of investment analysis and institutional strategies at the asset manager, estimates that the equity market capitalization attributable to innovation will jump to $220 trillion by the end of the decade, from the $15 trillion-$20 trillion it is at right now.
“Most of that … we expect is actually attributable to AI,” she said, naming segments — and three stocks — to cash in.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: This under-the-radar chip supplier to Nvidia is also profiting from AI boom, says fund manager
Outperforming fund manager Stephanie Niven named a semiconductor equipment stock that could be a lesser-known company to profit from the AI boom.
The stock has risen 89% over the past 12 months amid the AI semiconductor upswing.
“This is a semiconductor equipment maker, and it leans into the supply chain of AI,” Niven told CNBC’s Squawk Box Europe. “This is a business that decarbonizes the AI transition because it reduces errors and increases yields.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
European markets: Here are the opening calls
European markets are set to open lower Monday.
The U.K.’s FTSE 100 index is expected to open 25 points lower at 7,634, Germany’s DAX down 75 points at 17,739, France’s CAC 30 points lower at 7,998 and Italy’s FTSE MIB down 118 points at 33,298, according to data from IG.
There are no major earnings or data releases.
— Holly Ellyatt
Source link: https://www.cnbc.com/2024/03/11/european-markets-set-to-start-the-week-on-a-negative-note.html