Traders work on the floor of the New York Stock Exchange following news that the United Kingdom has voted to leave the European Union on June 24, 2016 in New York City.
This was CNBC's live blog covering European markets.
European stock markets started the week on a positive note, appearing to shrug off President Donald Trump's latest tariff announcement.
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The pan-European Stoxx 600 closed with a 0.58% gain, at a record high of 545.92 points and with all sectors in the green.
U.S. President Donald Trump told reporters Sunday that he was planning to announce a blanket 25% tariff on all steel and aluminum imports on Monday.
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Shares of Europe's largest steelmaker ArcelorMittal closed 0.58% lower, trimming earlier losses.
Last Friday, the major U.S. stock indexes fell after Trump said he was planning reciprocal tariffs on trading partners. However, Wall Street also looked past the new announcement with markets trading higher Monday led by technology stocks.
Shares in BP closed 7.4% higher following reports that activist investor Elliott Management had built a stake in the company. Elliott Management and BP have declined to comment on the reports, which do not specify the size of any potential stake accrued by Paul Singer's hedge fund.
Money Report
Major data releases this week include U.S. inflation data on Wednesday, German inflation and U.K. gross domestic product figures on Thursday and the latest quarterly European growth data on Friday.
Europe stocks close higher
European stock markets closed broadly in the green Monday, as the regional Stoxx 600 index gained 0.58% to close at an all-time high.
The U.K.'s FTSE 100 jumped 0.77%, while Germany's DAX and France's CAC 40 were up by 0.57% and 0.42%, respectively.
— Jenni Reid
U.S. stocks open higher ahead of key economic data
U.S. stocks kicked off the starting of a new trading week in the green.
The S&P 500 opened 0.5% higher, while the Nasdaq Composite traded more than 0.7% higher. The Dow Jones Industrial Average gained 261 points, or 0.6%, shortly after 9:30 a.m. ET.
— Pia Singh
Italy’s Banca Generali shares hit record high
Shares of Italian lender Banca Generali hit a record high on Monday, gaining 1.7% by 1:17 p.m. London time.
The stock gains came after the bank announced a 32.2% year-on-year jump in annual profit, an all-time high in growth that the company attributed to the culmination of its three-year turnaround strategy. Net profit for the year reached 431.2 million euros ($445 million).
Banca Generali also said that assets rose 12% over the year to an all-time high of 103.8 billion euros in 2024.
— Chloe Taylor
Kongsberg sheds 4%
Kongsberg Group shares were down 4.1% at 12:57 p.m. London time, taking the company to the bottom of the Stoxx 600 index and continuing a selloff that began at the end of last week.
The Norwegian defense manufacturer's shares slid downward Friday after U.S. President Donald Trump's pledge to introduce tariffs on steel and aluminium imports, sparking fresh trade war concerns.
On Friday, Kongsberg said it had seen "a solid increase" in operating revenue and profitability in 2024 thanks to a record-high order backlog. Operating revenue for the year reached 48.9 billion Norwegian kroner ($4.36 billion), up 20% year-on-year.
The company also announced plans for a stock split on Friday, which if approved would offer investors the chance to trade one share for five new shares. It said it would propose the move at its Annual General Meeting in May.
— Chloe Taylor
BP shares up 7% after reports that activist hedge fund Elliott Management has built a stake
Shares of British oil major BP gained ground on Monday, following weekend reports that activist hedge fund Elliott Management has built a stake in the struggling oil major and could pressure the energy company to shift gears on its core oil and gas businesses.
BP stock was up 6.88% at 12:57 p.m. London time.
Both companies declined to comment on the reports. The size of Elliott's freshly accrued stake in BP was not immediately clear.
The British oil major has been vying to regain investor confidence, amid rising concerns over the clarity of BP's strategic direction as it navigates stagnating crude prices and sprawling ambitions in renewable energy during the global green transition.
— Ruxandra Iordache
Steelmaker Thyssenkrupp responds to U.S. tariff threat
Thyssenkrupp, one of Europe's largest steelmakers, said it's expecting a "very limited impact" on its business if the U.S. were to levy additional tariffs on steel and aluminum imports.
The German company said Europe remains its primary market for steel with only "high-quality" niche products exported to the United States, where it maintains a "good market position."
"The majority of thyssenkrupp's sales in the US come from the trading business ... and the automotive supply business ... In principle, thyssenkrupp is well positioned in these businesses in the US with a significant share of local manufacturing for the local market. Much of the production for US customers takes place within the US," the company's spokesperson told CNBC in a statement.
"In any case, a reliable estimate of the impact on the various industries can only be made once the specific tariffs have come into force and possible countermeasures by the EU are also known," the spokesperson added.
— Ganesh Rao
European stocks edge higher
European stock markets have brushed off U.S. President Donald Trump's latest tariff threats and have risen higher.
The pan-European Stoxx 600 opened 0.35% in positive territory. Regional indexes such as the U.K.'s FTSE 100, Germany's DAX, France's CAC 40 and Italy's MIB were up 0.3% at the open.
— Ganesh Rao
Global steel demand was expected to rise ahead of tariff threat
Growth in global steel production could be at risk after U.S. President Donald Trump threatened to slap 25% tariffs on all steel and aluminum imports into the U.S. as soon as Monday.
The import duties are expected to be on top of existing taxes on metals brought into the country.
According to World Steel, a trade body, U.S. steel production declined by 2.4% in 2024, alongside a contraction in Chinese supply.
JPMorgan analysts had previously predicted that Chinese steel demand would decline by 1.5% in 2025, while global production was set to rise by 4%.
"We don't expect China to implement any significant steel curtailment policy this year, with market forces driving production lower," JPMorgan analysts said in a note to clients on Feb. 9 before the U.S. President's comments.
— Ganesh Rao
European markets: Here are the opening calls
European markets are expected to open higher Monday.
The U.K.'s FTSE 100 index is expected to open 12 points higher at 8,707, Germany's DAX up 27 points at 21,788, France's CAC up 13 points at 7,971 and Italy's FTSE MIB 15 points higher at 37,172, according to data from IG.
Earnings are set to come from Mediobanca.
— Holly Ellyatt
