Investors will be watching Nvidia’s earnings report this week. Data from the US and the Eurozone will also be closely monitored for interest rate cut expectations. The European Central Bank is expected to keep rates unchanged in September but discuss further cuts in the autumn.
European stock markets retreated, while JDE Peet’s soared.
European stocks edged lower on Monday following last week’s Powell rally. The STOXX 600 index fell 0.2%, the German DAX fell 0.4% and the French CAC 40 fell 0.5%. The UK market was closed for a holiday.
The highlight was the 17% jump in JDE Peet’s shares. Keurig Dr Pepper announced it will acquire the Dutch coffee giant in a €15.7 billion acquisition deal. This move propelled the company’s shares to their highest level in three years.
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[…] In contrast, Orsted shares fell by more than 16%, reaching a record low. The US administration decided to halt the company’s wind energy project off the coast of Rhode Island. Renewable energy stocks were generally under pressure; Vestas fell by 4%, and Siemens Energy by 1.4%.]
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The pharmaceutical sector was also negatively affected. Valneva shares plummeted 24% as the US drug regulatory authority suspended its chikungunya vaccine license.
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