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

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

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

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.

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

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

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.

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

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 are expected to open higher Thursday.

The U.K.’s FTSE 100 index is expected to open 1 point higher at 8,369, Germany’s DAX up 4 points at 18,681, France’s CAC 14 points higher at 8,101 and Italy’s FTSE MIB up 30 points at 34,559, according to data from IG.

Earnings are set to come from Julius Baer, Acciona, Nationwide Building Society, Rolls-Royce, Aviva and Wizz Air. Preliminary euro zone services and manufacturing activity data for May is due, as are consumer confidence figures for the single currency area.

— Holly Ellyatt