The pan-European STOXX 600 index was up 0.04 percent by 0722 GMT. The index recorded a slight weekly decline on Friday, as it compensated for most of its losses incurred due to fears of accelerating inflation in the United States.
The British economy returned to work today, giving 65 million people freedom to trade after four months of lockdown measures to combat Covid-19. The FTSE 100 index of the leading stocks settled.
Irish airline Ryanair rose 1.3 percent despite the company announcing record annual losses after tax, with it saying signs of a recovery were emerging.
The shares of the German chemical group Bayer fell 3.1 percent after a US federal appeals court upheld a $ 25 million fine ruling and a court ruling concluded that a company’s product had caused a California resident to contract a type of blood cancer.
For its part, Japanese stocks retreated from the upward path to close lower, on Monday, as fears of a slowdown in the immunization campaign from Covid-19 in the country overcame the impact of the strong gains made by shares on Wall Street.
The Nikkei index closed 0.92% lower at 27,824.83 points, after rising 0.8% earlier in the session. While the broader Topix index fell 0.24 percent to 1,878.86 points.
“Shares in the Japanese technology sector could have tracked the Nasdaq closure higher on Friday, but it didn’t,” said Norihiro Fujito, chief investment analyst at Mitsubishi UFJ Morgan Stanley Securities. This means that the market has negative motives limited to Japan. The biggest reason is the slow introduction of vaccines. This puts pressure on business sentiment, prompting investors to sell heavyweight stocks on the Nikkei.
Reuters data shows that the vaccination campaign in Japan is the slowest among developed countries, as only 3% of the population has received the vaccine so far.
Earnings data and disappointing expectations also pressed some stocks. Honda Motor was down 2.68 percent after the automaker warned that a shortage of semiconductors and a high cost of raw materials would curb growth this year.
Cable maker Fujikura fell 15.4 percent and was the Nikkei’s biggest decliner after the company reported lower earnings data. (Reuters)