European markets lower; Raiffeisen Bank down 6.7% – CNBC

Shares in Raiffeisen Bank fell nearly 7% on Monday amid concerns that the Austrian bank could face U.S. sanctions for its dealings with Russia.

As of 2:20 p.m. London time, the stock was down 6.7%.

Reuters report Last week, U.S. sanctions officials were expected to warn Austrian banks to investigate their exposure to Russia and “take mitigation steps” to avoid running afoul of Western sanctions against Russia.

In response to the report, the company said in a statement on Monday: “Media reports suggesting that the U.S. Treasury is implicating RBI in violating or evading sanctions are also false.”

“The U.S. Department of the Treasury has made clear in a general statement that financial institutions that violate or circumvent Russia sanctions may be removed from the U.S. financial system,” the statement added.

in spite of Outline the reduction It mentioned its Russian business in its 2023 financial results and said it was continuing to explore “a sale or spin-off,” and had 6 billion euros ($6.5 billion) in loans in the country at year-end. The company is the largest Western financier still operating in Russia and is on Ukraine’s “war supporters” blacklist.

— Karen Gilchrist and Jenny Reid

Sean Lane, founder and managing director of China Market Research Group, discusses China’s economic outlook and its impact on global markets.

As the buzz around artificial intelligence continues to rise, investors are trying to identify the best sectors to profit from.

Ark Invest’s Tasha Keeney is no exception.

Keeney, director of investment analysis and institutional strategy at the asset management firm, predicts that innovation will boost equity market capitalization to $220 trillion by the end of 2010, from $15 trillion to $20 trillion today.

“Most of it…what we’re predicting is actually due to AI,” she said, listing segments and three stocks that would benefit.

CNBC Pro subscribers can read more here.

— Amara Balakrishna

Top-performing fund manager Stephanie Niven singled out semiconductor equipment stocks as potentially lesser-known companies that could benefit from the AI ​​boom.

The stock has risen 89% in the past 12 months due to strong performance in AI semiconductors.

“This is a semiconductor equipment manufacturer, leaning into the AI ​​supply chain,” Niven told CNBC’s Squawk Box Europe. “This is a business that decarbonizes the transition to AI to reduce errors and increase yield.”

CNBC Pro subscribers can read more here.

— Ganesh Rao

European markets are set to open at Monday’s lows.

According to IG data, the UK’s FTSE 100 index is expected to open 25 points lower at 7,634, Germany’s DAX 75 points lower at 17,739, France’s CAC 30 points lower at 7,998 and Italy’s FTSE MIB. It is expected to open 118 points lower at 33,298.

There are no major revenue or data releases.

— Holly Ellyatt