European markets closed lower on Monday as investors assessed the economic outlook following signals from Federal Reserve Chairman Jerome Powell that interest rate cuts may be coming soon.
The pan-European STOXX 600 dropped 0.5% at the start of trading, with most regional indexes trading in negative territory. Germany's DAX also declined 0.5%, while France's CAC 40 tumbled 1.6%. U.K. markets remained closed for a public holiday.
Shares of Danish windfarm developer Oersted AS (CSE:ORSTED) plunged more than 16% after U.S. authorities ordered the company to halt construction on a nearly completed project off Rhode Island.
Orsted said a U.S. stop-work order on its Revolution Wind project does not alter its 2025 guidance and reaffirmed its commitment by announcing a planned rights issue backed by the Danish state.
The company added that it is evaluating all options to resolve the matter quickly and has appointed a bank syndicate to handle the rights issue.
In corporate news, U.S. beverage company Keurig Dr Pepper (NASDAQ:KDP) announced it would acquire Dutch coffee company JDE Peet's for 15.7 billion euros ($18.4 billion). JDE Peet's shares surged over 15%.
The week begins with limited economic data releases before a series of inflation figures from France, Germany, Italy, and other European countries are published on Friday.
Investors will also monitor upcoming earnings reports closely with Nvidia (NASDAQ:NVDA)'s results, which are due on Wednesday after U.S. market close, seen as the key risk event this week.
Source: Investing.com
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