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European markets mixed and US muted following AI frenzy

ftse NEW YORK, NEW YORK - FEBRUARY 23: Harlem Globetrotter Harlem Globetrotter player Hot Rod De La Rosa talks with trader Pete Giacchi on the floor of the New York Stock Exchange during morning trading on February 23, 2024 in New York City. The market opened continuing its rise after yesterdays closing with the S&P 500, the Nasdaq Composite posting their best day since early 2023 and the Dow Jones surpassing 39,000 for the first time ever amid Nvidia reporting a stronger-than-expected quarterly results. (Photo by Michael M. Santiago/Getty Images)
US flagship indices made cautious moves higher, as the tail-end of earnings season plays out. The FTSE 100 fell 0.1%. (Michael M. Santiago via Getty Images)

The FTSE 100 and European markets were mixed and US equities made muted moves on Monday, following a wild ride over the last few weeks driven by earnings season.

  • The FTSE 100 (^FTSE) fell 0.3% by the afternoon. Over in Germany, the DAX (^GDAXI) was almost flat and the CAC (^FCHI) in Paris declined 0.5%.

  • The pan-European STOXX 600 (^STOXX) fell 0.3%.

  • US flagship indices made cautious moves higher after the opening bell, as the tail-end of earnings season plays out. The S&P 500 (^GSPC) was up 0.2%, the Dow (^DJI) was almost flat and the Nasdaq (^IXIC) was up 0.1%

  • Traders and central bank watchers will be looking to the US inflation reading on Thursday.

  • In the UK, housebuilders were in focus on the FTSE after the UK's competition watchdog suggested the government take a closer look at how they operate. The UK's largest housebuilder Barratt (BDEV.L) fell about 1.3% in early trade before trading around 0.3% lower at the close in London.

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LIVE COVERAGE IS OVER15 updates
  • Closing off

    That's all from me today, head over to our US homepage for more market moving updates. Bye!

  • Wall Street comments:

    Here's some early analysis from Chris Beauchamp from IG on the trading day in the US:

    “US stocks have edged higher on the first day of the week, but may now struggle with the bulk of earnings season now behind them and PCE data still to come. Nonetheless, the resilience of equities in the face of diminishing expectations of Fed rate cuts in the first half of the year, and maybe even in the second half, shows that there is a lot more to the rally than just hopes of looser monetary policy.”

  • Trending tickers: Li Auto

    Shares of Li Auto (LI, 2015.HK) are surging Monday morning the Chinese EV company beat fourth-quarter earnings expectations. The automaker reported its first-ever annual net profit, delivering 131,805 vehicles in the quarter — nearly tripling deliveries year-over-year.

    Read more on Yahoo Finance

  • Microsoft X Mistral

    Microsoft has partnered with Paris-based OpenAI challenger Mistral, according to the FT. The partnership will be focused on developing next generation large language models, the report said.

    Mistral, which is working on foundational models with an open technology angle (apparently), recently raised €385m at a roughly $2bn valuation.

  • Trending tickers: Domino's Pizza

    People are jostling for a slice of Domino's as markets have opened today, with the stock rising more than 7% in early trade.

    The jump follows an earnings report that showed global retail sales growth of 4.9% (excluding foreign currency impact) for the fourth quarter and 5.4% growth for fiscal 2023.

    The takeaway stalwart posted quarterly revenue of $1.4bn (£1.1bn), up 0.8% from the previous year but slightly below the $1.42bn forecast from Wall Street analysts.

    At its investor day in December, the company laid out ambitious growth plans to increase the amount of restaurants it operates by 1,100 by the end of 2028 as, well as increasing retail sales by 7% every year.

  • FTSE 100 risers

    And here's what's keeping it balanced:

    Rolls Royce ⬆️ 2.3%

    Rentokill ⬆️ 1.7%

    Standard Chartered ⬆️ 1.7%

  • FTSE 100 fallers

    Here are the stocks dragging down the FTSE 100 today:

    Ocado ⬇️ -7.8%

    Bunzl ⬇️ -3.8%

    Hikma ⬇️ -2.9%

  • Full story: Housebuilders investigated

    Here's our reporter Pedro Goncalves' take on the CMA's housebuilder investigation:

    Housebuilders investigated by watchdog over price of new homes

  • Goldman pencils in five BoE rate cuts in 2024

    The Guardian has the latest on Goldman Sachs' rate cut predictions for this year in its live blog this morning, with a guess that the central bank will start cutting interest rates in May instead of June later this year. The current base rate is 5.25%, with predictions it could be dropped to 5%. come summer.

    This, Goldman said, will likely be followed by four quarter-point rate cuts before the year is out.

    "The first rate cut has not always been received positively by the markets. Growing growth concerns in 2001 and 2007, for example, more than offset the support that rate cuts provided," the note to clients said.

  • Household costs grow 5% in last quarter of 2023

    The rate of growth in household costs slowed in the last quarter of 2023, but still came in at an increase of 5% year-on-year, according to fresh data from the Office for National Statistics. In September costs were up 8.3% year-on-year.

    Those living in properties holding mortgages were hit the hardest, with annual inflation rate of 6.3% in December 2023, reflecting rising mortgage interest payments, the data showed.

    In the year to December 2023, private renters, and social and other renters faced inflation rates of 4.9% and 4.8% respectively, with bigger contributions from food and non-alcoholic beverages for social renters partially offsetting a fall in gas and electricity prices.

  • Ryanair price hikes

    Ryanair (RYA.IR) has set out a potential 10% price hike amid looming capacity issues in its aircraft fleet.

    The news came with an announcement on Friday that it is set to receive fewer Boeing aircraft by June than originally expected, potentially spelling issues for its busiest period at the budget carrier.

    CEO Michael O'Leary outlined uncertainty about how many planes it would be getting, adding that Boeing had previously said would deliver 50 aircraft by the end of June, where it was expecting 57 by the end of April.

    "We don't really know how many aircraft we're going to get from Boeing," O'Leary said in a media briefing.

    Stock rose around 1.2% in early trade on Monday.

    Elsewhere in travel, consumer champion Which? laid out its 'best' and 'worst' long-haul and short-haul airlines according to reviews from passengers. Read more here.

  • UK housebuilders face probe

    Stocks in housebuilders are down this morning as markets open, following news that the UK's competition watchdog is looking into a number of aspects of their business.

    The CMA has pointed out that profitability is generally higher for these companies than it would be in a competitive market. It particularly highlighted profits taken between 2013 and 2019. It also how eight of them share information.

    The regulator is calling for "substantial intervention" in the market by the government.

  • Overnight in Asia

    Japan's Nikkei (^N225) is the winner in Asia again today, building on record highs seen last week to rise 0.4%. It looks set to push through the symbolic 40,000 mark in the near-term.

    Meanwhile, investors looked to take profits off the table across markets in China, following a rally in tech stocks on AI excitement last week. The Hang Seng (^HSI) fell 0.6% and the SSE Composite (000001.SS) dropped 0.9% by the end of the day.

  • Good morning!

    Hello, Lucy Harley-McKeown here, reporting from a blustery London. The FTSE is tracking a bit lower in premarket. On the slate we've got central bank speeches from Huw Pill of the BoE and Christine Lagarde over in Europe. Let's get to it.

Watch: Barratt Developments and Redrow PLC £2.5bn merger 'to accelerate delivery of homes this country needs'

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