Days after Britain’s referendum on leaving the European Union, European stocks were mixed on the open on Monday, as markets are still digesting the Brexit result which toppled the global equity markets on Friday.

The EURO STOXX 50 climbed 0.37% during European morning trade, France’s CAC 40 eased 0.08%, and the German DAX 30 had rallied 0.02%.


Financial stocks were mixed after Citigroup cautioned that banks were one of the most exposed departments to Brexit. French lenders Societe Generale and BNP Paribas plunged 0.35% and 1.29% respectively, while the German Commerzbank and Deutsche Bank slipped 0.32% and 2.23%.

Among peripheral lenders, however, stocks were fairly positive as Italy’s Intesa Sanpaolo and Unicredit inched up 0.29% and 2.12%. Spain’s Banco Sandtander and BBVA, meanwhile, rocketed 3.28% and 4.05% respectively.

Lufthansa AG VNA O.N. meanwhile, tumbled 1.60% even after Chief Executive Carsten Spohr said the Brexit vote impact will be limited. The remarks came as investors fret that the consequences of the vote would be harmful to international airlines that serve the UK.

FTSE 100 in London fell 0.30%, dragged by cruise company Carnival Plc, whose shares plummeted a steep 11.26%. EasyJet PLC tumbled a harsh 10.81% after Citigroup slashed its target price for the stock.


Financial stocks steered towards the downside as well, with Lloyds Banking losing 3.39% and Barclays sinking 5.59%. Meanwhile, the Royal Bank of Scotland retreated 6.75%. However, HSBC Holdings overperformed, with shares surging 0.46% amidst other financial stocks.

Elsewhere, mining stocks were broadly higher on the commodity-heavy index. Antofagasta edged up 1.44% and Anglo American climbed 2.53%. Randgold Resources rallied 4.00% and 4.04% respectively.

Meanwhile in the US, equity markets indicated a steady open. Dow Jones Industrial Average futures pointed to a 0.02% increase, S&P 500 futures indicated a 0.04% upsurge, while Nasdaq 100 futures had a 0.0% decline.

Brexit Referendum, Impact

Britain voted 51.9% to leave the world’s biggest trading bloc, beating the 48.1% on Thursday. Prime Minister David Cameron, who backed the Remain camp, had also stepped down after the final referendum result was declared.

The Bank of England stated it was prepared to pump £250 billion following the Brexit vote to support the smooth running of markets, announcing that it will take all necessary actions to ensure financial and monetary stability in the country.


Central banks coming from the G7 also said in a joint statement that they were ready to offer additional liquidity to markets as needed.

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