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London stocks showed mixed performance on Monday, mirroring
trends across Europe, as investors considered the implications of a hung
parliament in France. The political deadlock followed the second round of
national elections, where the left-wing alliance unexpectedly took first place,
yet no single group secured an outright majority.
In the U.S., Wall Street stocks opened higher on Monday,
with investors gearing up for the start of the Q2 corporate earnings season.
Market participants were particularly focused on the upcoming earnings reports
from major U.S. banks, along with quarterly results from companies like JPMorgan
Chase and Delta Air Lines.
June's consumer price index, scheduled for release on
Thursday, and the previous month's producer price index on Friday, are also
expected to attract significant investor attention.
Oil prices fell on Monday after four consecutive weeks of
gains, influenced by the potential ceasefire deal in Gaza, which eased Middle
East tensions, and concerns about possible disruptions to U.S. energy supplies
from Hurricane Beryl.
Gold prices also declined on Monday as investors took
profits following bullion's rise to a more than one-month high in the previous
session, driven by increasing expectations of U.S. interest rate cuts in
September.
In corporate news, Hiscox surged after a report from
Insurance Insider indicated the insurer might be up for sale, with Japanese
insurer Sompo and Italy’s Generali reportedly showing interest.
Meanwhile, online grocery group Ocado saw gains after
announcing plans to build a third customer fulfilment centre in Japan,
expanding its partnership with Japanese company AEON.
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