Nokia climbs and Burberry slumps as European stocks slip after strong run

European stocks held to a tight range on Monday, pausing after a rally which has seen equities rise five of the last six weeks. After rising 1.2% last week, the Stoxx Europe 600 SXXP, -0.48% slipped 0.4%. Asian markets edged lower on the latest coronavirus case rise, as Thailand banned dine-in services for a month,


European stocks held to a tight range on Monday, pausing after a rally which has seen equities rise five of the last six weeks.

After rising 1.2% last week, the Stoxx Europe 600
SXXP,
-0.48%

slipped 0.4%.

Asian markets edged lower on the latest coronavirus case rise, as Thailand banned dine-in services for a month, Malaysia extended a lockdown and control orders were imposed in Sydney, Australia.

U.S. stock futures
ES00,
-0.05%

NQ00,
+0.16%

were mixed, after the S&P 500
SPX,
+0.33%

finished at a record high for the 31st time in 2021. Moves may be limited ahead of the release of Friday’s nonfarm payrolls data, which will further set expectations on Federal Reserve policy. Eric Rosengren, the president of the Boston Fed, told the Financial Times the U.S. cannot afford a boom-and-bust cycle in real estate.

The yield on the 10-year Treasury
TMUBMUSD10Y,
1.513%

rose to 1.53%, as Republican senators welcomed remarks by President Joe Biden that he would not veto an infrastructure bill if a separate spending bill was not passed.

Nokia
NOKIA,
+6.00%

NOK,
+6.03%

shares jumped 6.4%, catching up to a rally to its U.S.-listed stock after Goldman Sachs lifted its rating on the telecom equipment maker to buy from neutral.

Shares of U.K. luxury goods group Burberry
BRBY,
-7.02%

slumped 7% after Marco Gobbetti said he would be leaving the company at the end of the year to take the same role at leather goods maker Salvatore Ferragamo
SFER,
-1.14%

in his native Italy. Burberry said it has begun a search for his successor.

U.K. bakery Greggs
GRG,
+0.98%

rose 3% in early trading before losing some of those gains, after saying the sales recovery since its May 10 update was stronger than anticipated.



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