Europe Shares Lower With U.S. Debt Ceiling Talks to Resume; Greek Stocks Up 6.5% After Ruling Party Election Win

Jonathan Ernst | Reuters

This is CNBC's live blog covering European markets.

European stock markets were choppy Monday, with investors keeping an eye on debt ceiling talks in the United States and the results of the Greek election.

The pan-European Stoxx 600 were flat in afternoon trading after marginal gains through the morning.

Germany's DAX index slipped from Friday's record close, shedding 0.3%.

In Greece, the Athens General Composite Index rocketed up 6.5% after the ruling conservative party, New Democracy, secured a firm lead in elections on Sunday. Talks will now begin over the formation of a coalition government as it fell just short of a parliamentary majority.

Sectors were mixed, with retail up 0.5% as mining stocks dropped 0.3%.

Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default, with President Joe Biden and House Speaker Kevin McCarthy scheduled to meet at the White House.

On Sunday, U.S. Treasury Secretary Janet Yellen said "hard choices" will need to be made about which bills will go unpaid if the debt ceiling is not raised and reaffirmed her warning that the United States could default on its debt as early as June 1.

Asia-Pacific markets mostly rose as stocks in Tokyo extended a rally, while U.S. stocks moved higher.

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Neil Sorahan, chief financial officer at Ryanair Group, discusses the outlook for Europe's aviation market and the Irish low-cost carrier's strong full-year earnings report.

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Ryanair shares higher after bumper profits

Ryanair's Dublin-listed shares were 2.24% higher after the low-cost airline reported full-year net profit of 1.43 billion euros ($1.55 billion), up from a loss of 355 million euros the prior year.

The company said it had benefited from a 74% rise in passenger numbers and "favorable" hedges offsetting spikes in fuel costs.

— Jenni Reid

Europe stocks open mixed

European stocks lacked direction Monday morning as investors waited for the latest news on U.S. debt ceiling talks, with the Stoxx 600 index up 0.07% at 8:12 a.m. London time.

Mining, oil and gas and banking stocks suffered the worst losses, all down around 0.5%.

Household goods and health care were more upbeat, gaining 0.5%.

Germany's DAX slipped 0.12% from Friday's record close, while France's CAC dipped 0.08%. The U.K.'s FTSE 100 added 0.25%.

— Jenni Reid

Southeast Asia’s worst-performing stock market is UBS’ ‘top pick’

Thai stocks are the worst performers in Southeast Asia this year, but UBS says Thailand is its "top pick" in the region. Thailand's SET index fell 0.5% on Monday's afternoon and is down by more than 9% this year.

Thailand stands to be a "big beneficiary" of a tourism boost from China once the latter's employment numbers increase, said UBS Global Wealth Management's Kelvin Tay told CNBC's "Squawk Box Asia."

However, Thailand's elections are a "potential game changer" and monarchy-linked companies could be set back by a change in government, he said.

— Audrey Wan

CNBC Pro: Tesla vs. BYD: Here's why one fund manager prefers the Buffett-backed automaker

In an era defined by the need to tackle climate change, electric vehicles (EVs) are seen as an increasingly important part of the solution.

For Philip Ripman, portfolio manager at Storebrand Asset Management, one global EV automaker stands out: China's BYD — not Elon Musk's Tesla.

As an investor, Ripman said that BYD's appeal goes beyond just manufacturing electric cars.

CNBC Pro subscribers can read why the fund manager is bullish on BYD here.

— Ganesh Rao

Debt celing negotiations to resume on Monday

Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default.

President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House.

Treasury Secretary Janet Yellen said Sunday that "hard choices" will need to be made about which bills will go unpaid if the debt ceiling is not raised and reaffirmed her warning that the United States could default on its debt as early as June 1,

— Jesse Pound, Ashley Capoot

CNBC Pro: These 4 stocks are on Goldman's 'conviction buy' list — and it gives one 115% upside

A look at Goldman Sachs' "conviction buy" stocks this year reveals some names with serious upside potential.

The Wall Street bank's list comprises its top buy-rated stocks that it expects to outperform.

CNBC Pro subscribers can read more about five of them here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are expected to open in mixed territory Monday.

The U.K.'s FTSE 100 index is expected to open 5 points higher at 7,773, Germany's DAX 6 points lower at 16,284, France's CAC 1 point lower at 7,474 and Italy's FTSE MIB 52 points higher at 27,274, according to data from IG.

Earnings are set to come from Ryanair and data releases include consumer confidence figures for the euro zone in May.

— Holly Ellyatt

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