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European markets close slightly higher; Kingfisher rebounds after profit warning, Direct Line down 11%

Jenni Reid
Holly Ellyatt

This is CNBC's live blog covering European markets.

European markets had a tentative start to the new trading week Monday, as investors continued to digest a number of central bank policy decisions in Europe.

The pan-European Stoxx 600 index closed 0.04% higher after finishing last week at a record high. Oil and gas stocks gained 0.9% as media stocks fell 0.7%.

European markets


Home improvement group Kingfisher, owner of brands such as B&Q and Screwfix, rebounded in afternoon deals to close up 2.5%. The stock dipped earlier in the session after issuing its third warning on profit in six months.

The U.K.'s Direct Line meanwhile plunged 11% after Brussels-based Ageas on Friday confirmed it would not make a further offer for the fellow insurance firm.

U.S. stocks were slightly lower Monday ahead of March's last — and shortened — trading week. The market is on track for its fifth consecutive month of gains, with the major U.S. stock benchmarks crossing new all-time closing high levels last week.

Asia-Pacific markets were mixed on Monday as investors awaited inflation reports from Singapore, Malaysia and Australia this week.

Telecom Italia shares rise 4% on board revamp plans

Shares of Telecom Italia rose 4% in afternoon trade following reports that a small investor group is seeking a position on the company's revamped board.

Reuters reported Monday that the ASATI was filing a list of candidates ahead of a vote on the new board of the Italian phone group.

— Karen Gilchrist

Stocks open lower after winning week

Traders work on the floor of the New York Stock Exchange.
NYSE

U.S. stocks opened lower on Monday to kick off the final trading week of March.

The S&P 500 slid 0.3%, while the Dow Jones Industrial Average dipped 70 points, or 0.2%. The Nasdaq Composite shed 0.5%.

— Lisa Kailai Han

Dassault Aviation up 5.5% on stock upgrade

A Dassault Falcon 2000 taking off.
Getty Images

Shares of Dassault Aviation, the French manufacturer of military and business aircraft, topped afternoon gains, after analysts at BNP Paribas Exane upgraded the stock to "outperform" from "neutral."

The company's shares were 5.5% higher at 1 p.m. in London.

Dassault Aviation forecast higher revenue in the year ahead in its 2023 results, which were released earlier this month.

— Jenni Reid

Markets enthusiastic about rate cuts despite modest disappointment in inflation data: Strategist

Markets enthusiastic about rate cuts despite modest disappointment in inflation data: Strategist
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Markets are enthusiastic about rate cuts: Strategist
Squawk Box Europe

Steve Englander, global head of research and chief strategist at Standard Chartered, discusses why the Federal Reserve will want to cut interest rates this year despite continued inflationary pressures.

Oil stocks gain as crude prices rise

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ICE Brent Crude,

European oil and gas stocks nudged 0.3% higher Monday, while most sectors were lower.

Stocks were following crude oil prices upward, with ICE Brent Crude futures with May expiry up by 0.83% to $86.14 a barrel at 10:37 a.m. in London amid concerns over geopolitical tensions and U.S. supply.

— Jenni Reid

Stocks on the move: Direct Line, Delivery Hero down

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Direct Line share price.

Shares of British insurance firm Direct Line were 12.6% lower at 9 a.m. London time, after Belgium insurer Ageas on Friday said that it would not make an offer for the company following two attempts to engage with Direct Line's board. Ageas shares were up 1.5% at a one-year high.

Shares of Germany's Delivery Hero slid 4.1%. The company on Monday said that its chief financial officer, Emmanuel Thomassin, will depart at the end of September 2024 after a decade in the role.

Fintech Wise meanwhile announced that Thomassin will be joining the company as its new CFO in October.

— Jenni Reid

Europe stocks open mixed

European stock markets opened in mixed territory Monday as traders head into a shortened trading week.

The benchmark Stoxx 600 was 0.07% higher at 8:11 a.m. in London, with Germany's DAX up by 0.15% and the U.K.'s FTSE 100 up 0.07%. France's CAC 40 was flat.

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Stoxx 600 index.

— Jenni Reid

CNBC Pro: These 5 stocks are beating the S&P 500 — and analysts expect them to rise even further

Markets are still red-hot even after a very good 2023, when the S&P 500 soared around 24%.

The S&P 500 is up around 10% year-to-date, and in fact hit new record highs in March.

Many stocks have soared and even beaten the broader market, but is there still room for some companies to run?

Using FactSet, CNBC Pro screened the S&P 500 and the Vanguard FTSE All-World ex-US ETF for stocks that are beating the market so far this year — and that analysts love.

Just five stocks turned up from the S&P 500 screen.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Here's where to invest $1 million right now, according to the pros

Markets are red-hot, and investors might be wondering what they can buy right now.

On top of that, some are calling for investors to move out of cash if rates do fall.

If you had a spare $1 million to invest right now, what should you buy?

CNBC Pro asked fund managers and wealth advisors how they would allocate their portfolios with that money. Recommendations range from tech to AI's power needs — and a stock portfolio for the "moderately aggressive" investor.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are set to open higher Thursday.

The U.K.'s FTSE 100 index is expected to open 31 points higher at 7,958, Germany's DAX up 56 points at 18,532, France's CAC 30 points higher at 8,228 and Italy's FTSE MIB up 71 points at 34,273, according to data from IG. 

Earnings will come from Lloyd's of London and JD Sports Fashion is set to issue a trading update. German unemployment data and Italian consumer confidence data for March are due.

— Holly Ellyatt