European stocks slipped, as earlier gains linked to signs of a more measured US tariff approach faded, and investors turned to US markets to snap up battered tech shares.
Dublin
The Iseq All-Share Index was down 1.3 per cent to 10,720.23. Both AIB and Bank of Ireland saw similar losses – falling 1.72 per cent and 1.68 per cent respectively.
In a period of intense focus on housing, the sector saw mixed results on Monday – Cairn Homes was up 0.24 per cent to €2.095, while Glenveagh fared worse, falling 0.26 per cent to €1.55.
Ires Reit, the largest private residential landlord in the Republic, which last week moved to buy back up to €5 million of shares, fell 3.22 per cent.
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Corre Energy, the troubled renewable energy storage company, also saw a significant decline of 6.32 per cent to €0.089.
London
Britain’s benchmark stock index edged lower on Monday, though gains in mining stocks kept losses in check, as investors awaited details of US reciprocal levies.
The blue-chip FTSE 100 closed down 0.1 per cent, while the midcap FTSE 250 index ended flat.
The pharmaceuticals and biotech sector lost 1.5 per cent, leading sectoral declines. Heavyweight AstraZeneca was down 1.3 per cent, weighing on the blue-chip index.
On the flip side, industrial metal miners firmed 1.6 per cent on higher copper prices, as traders bought to ship to the US, where president Donald Trump is threatening to impose tariffs on imports of the metal.
Separately, JPMorgan also double upgraded the European mining sector to “overweight” from “underweight”. Miners Anglo American, Glencore, Antofagasta, and Rio Tinto climbed between 1.2 per cent and 2.7 per cent.
Europe
The Stoxx Europe 600 Index was down 0.1 per cent at the close in London. Tariff-sensitive basic resources shares outperformed on the day, also benefiting from JPMorgan Chase & Co upgrading its stance on European miners to overweight.
Investors’ main focus now is the US tariff deadline on April 2nd, when president Trump is expected to announce widespread levies. While US officials have indicated the tariff wave will be more targeted than the barrage Trump has occasionally threatened, concerns remain over which countries and companies might bear the brunt.
Monday’s equity slide in Europe also comes amid signs some investors see an opportunity to buy US shares following the recent sell-off. The Nasdaq 100 Index rose as much as 2.1 per cent. Morgan Stanley’s Michael Wilson said a weaker dollar will improve the earnings outlook for US companies, potentially turning around the massive rotation that’s been under way this year in global markets.
Among individual stock movers in Europe, Bayer AG dropped 6.9 per cent after the German conglomerate was ordered by a US jury to pay almost $2.1 billion to a plaintiff who claimed its Roundup weedkiller caused cancer. Vodafone Group Plc fell 4.4 per cent after BofA Global Research cut its recommendation on the stock.
New York
The S&P 500 rallied to its highest in two weeks on Monday, lifted by Nvidia and Tesla following signs that the Trump administration might take a more measured approach on tariffs against US trading partners.
A Trump administration official on Monday cautioned that the situation was fluid and no final decisions had been made.
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Investors scooped up battered technology shares, with Nvidia rallying 3.3 per cent and Advanced Micro Devices jumping 6.6 per cent, sending the PHLX chip index 3.1 per cent higher.
Tesla surged 10 per cent, recovering some of its recent steep decline, helped by optimism about scaled back US tariffs.
The S&P has recovered about 4 per cent from its recent low on March 13th, and it remains down over 6 per cent from its February 19th record high close.
Several companies have cited tariff uncertainty as they lowered their forecasts for upcoming quarters. Data compiled by LSEG as of Friday showed earnings of companies in the S&P 500 are expected to grow by 10.5 per cent in 2025, down by 3.5 percentage points since the beginning of the year.
The S&P 500 was up 1.49 per cent at 5,752.18 points. The Nasdaq gained 1.95 per cent to 18,130.97 points, while the Dow Jones Industrial Average was up 1.12 per cent at 42,454.07 points.
