European Equities Mixed in Monday Trading; Eni to Fuel BMW Corporate Fleets With Renewable Diesel
European stock markets closed mixed in Monday trading with the Stoxx 600 down 0.1%, Germany's DAX fractionally higher, the UK's FTSE 100 shedding nearly 0.1%, and France's CAC rising 0.3%.Hostilities continued to re-escalate in the Middle East and Iran declared the Strait of Hormuz once again closed, driving up oil prices. The US and Iran traded heavy missile and drone attacks over the weekend, with the US military saying they hit Iranian military facilities, while Iran's Revolutionary Guards said they had struck US installations in Bahrain, Kuwait, Oman and Jordan.Brent Crude prices were climbing 4.8% to $79.67.In regulatory news, Alphabet's Google, Meta and Snap could face new restrictions in the EU as the European Commission prepares a proposal to limit children's access to social media platforms after the summer, Reuters reported, citing Commission President Ursula von der Leyen. According to the report, Von der Leyen said children need time in the "real world" to develop friendships, make mistakes and shape their identities "before an algorithm shapes them instead."In corporate news, Eni said Monday it agreed to fuel BMW's corporate fleet vehicles in Italy with a diesel biofuel produced from renewable materials like feedstocks. The hydrotreated vegetable oil lowered greenhouse gas emissions by 79.5% in the supply chain compared with standard fossil fuels, the company said. Separately, Eni's Eni Industrial Evolution unit and Seri Industrial's FIB have established Faenix, a commercial platform focused on battery energy storage systems based on lithium iron phosphate technology, Seri Industrial said Monday. Eni shares gained 3.4% in Milan.Deutsche Bank has hired four private bankers from Standard Chartered, including Managing Director Eleftherios Sachanidis, as the German lender builds out its wealth management operations in Dubai, Bloomberg reported. Sachanidis is set to report to Mubashar Ayoob, Deutsche Bank's head of the Gulf, with the group expected to support broader coverage of emerging-market clients, Bloomberg reported, citing an internal memo. Deutsche Bank shares were down 1.1% in Frankfurt.Stellantis said Monday its Q2 estimated consolidated shipments totaled 1.6 million units, up 10% from a year earlier. North America shipments increased 38% to 445,000 units, the company said. Shipments for Enlarged Europe, the company's largest market, increased by 5% to 762,000 units, Stellantis said. Stellantis shares added 2.2% in Paris.GSK said Monday a phase 2 trial of its experimental drug Jemperli met its primary goal in patients with stage 2/3 mismatch repair-deficient or microsatellite instability-high locally advanced rectal cancer. The company said interim results showed a sustained clinical complete response at 12 months, suggesting the immunotherapy could help some patients avoid or delay chemotherapy, radiation and surgery if approved. GSK shares were down 0.3% in London.Mastercard is exploring the sale of a majority stake in its UK payments infrastructure subsidiary Vocalink potentially back to British banks, the Financial Times reported Sunday. According to the report, discussions are at a preliminary stage, with no firm offers made.
