LIVE MARKETS-European screens flash red, correction in sight
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EUROPEAN SCREENS FLASH RED, CORRECTION IN SIGHT
European shares are down 1.6% as traders digest news over the weekend that saw the United States and Iran trade escalating threats as the war entered its fourth week.
Today's drop brings the STOXX 600's decline since its recent closing high to 10%, putting it on track to enter technical correction territory should it sustain those losses until the close.
Aerospace and defence stocks .SXPARO are the worst off, with the basket down 2.5%. Airlines are providing a drag, as the sector reels from surging jet fuel prices. United Airlines UAL.O is cutting more unprofitable flights over the coming two quarters as it prepares for a prolonged period of high fuel prices due to the war.
Miners have also taken a hit. The basket .SXPP is down 2.5% with the likes of Endeavour Mining and Hochschild down over 4% as gold, silver and copper plunge.
In company news, shares in Italian majority-state-owned national postal service Poste Italiane PST.MI are falling over 7% after it launched a $12.5 billion cash-and-share bid to buy Telecom Italia.
Italian medical diagnostics group DiaSorin is down 17% after issuing 2026 guidance below expectations. Meanwhile Pandora PNDORA.CO shares are among the few stocks posting healthy gains, up 6.3%.
In the UK, British private hospital group Spire Healthcare SPI.L shares are down 20%, after saying on Friday that buyout talks with private equity firms Bridgepoint BPTB.L and Triton have ended, but it was still in discussions with other parties for a potential sale.
(Lucy Raitano)
FOR MONDAY'S OTHER LIVE MARKETS POSTS:
OF COURSE TRUMP WOULD HAVE A COUNTDOWN CLICK HERE
EUROPE BEFORE THE BELL: FUTURES SINK CLICK HERE
