European markets opened lower on Monday, amid persisting jitters over the global economy.
European markets
The pan-European Stoxx 600 index was 0.4% lower shortly after the opening bell, with most sectors in negative territory.
Regional markets closed lower last Friday, as investors reacted to the latest U.S. jobs data that showed nonfarm payrolls were up by 256,000 last month — much more than the 155,000 forecast by economists polled by Dow Jones.
The data subdued sentiment among global markets as it raised concerns that the U.S. Federal Reserve would proceed with caution when it comes to further interest rate cuts.
Investors in the region will continue to keep an eye on euro zone and U.K. government bond yields this week after yields climbed to fresh multi-month highs last week.
This week, global markets will be focused on the U.S.’ December consumer price index on Wednesday morning, after the December producer price index report on Tuesday.
U.S. stock futures ticked lower early Monday, while Asia-Pacific markets traded lower overnight.
Novartis’s U.S. patent for Entresto upheld
Scott Olson | Getty Images News | Getty Images
The U.S. Court of Appeals has ruled the patent for Novartis’s heart medication Entresto is valid, the Swiss pharmaceutical giant said on Monday.
The ruling reverses a 2023 decision by a U.S. District Court in Delaware.
Novartis said Entresto’s pediatric exclusivity period will expire in July this year.
— Chloe Taylor
UK’s Starmer lays groundwork for a homegrown OpenAI rival
Britain’s Prime Minister Keir Starmer looks on on the day of the European Political Community Summit at the Puskas Arena, in Budapest, Hungary, November 7, 2024.
Marton Monus | Reuters
British Prime Minister Keir Starmer announced on Monday that his government is aiming to increase public sector compute capacity by twentyfold before the end of the decade, as the U.K. seeks to build a homegrown OpenAI rival.
Starmer’s government is also looking to expand data center capacity across Britain to allow powerful AI model’s developers to train and run their systems.
Read the full story here.
— Chloe Taylor
CNBC Pro: LA fires could hit European insurance giants with about billion euros in losses
The wildfires around Los Angeles are set to cost European insurance giants up to a billion euros in payouts this year.
At least seven European listed reinsurance firms are expected to bear about a billion euros ($1.02 billion) of the losses over the wildfire, according to analysts at German investment bank Berenberg.
In addition, JPMorgan analysts have identified at least 2 Japanese firms that are likely to be on the hook for payouts.
CNBC Pro subscribers can read more here.
— Ganesh Rao
European markets: Here are the opening calls
European markets are expected to open in mixed territory Monday.
The U.K.’s FTSE 100 index is expected to open 22 points lower at 8,227, Germany’s DAX down 37 points at 20,182, France’s CAC down 11 points at 7,413 and Italy’s FTSE MIB down 143 points at 34,999, according to data from IG.
There are no major earnings or data releases Monday.
— Holly Ellyatt