S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
Investing.com -- British stocks declined on Monday after opening lower, while the pound held just above $1.36 and Shell (LON:SHEL) shares fell following a downbeat trading update.
The blue-chip index FTSE 100 closed 0.2% lower and the British pound dropped 0.1% against the dollar to 1.36.
DAX index in Germany rose 1.2%, the CAC 40 in France gained 0.4%.
Currys shares drop after RBC downgrades
Currys PLC (LON:CURY) shares fell almost 5% after RBC Capital Markets downgraded the stock to "sector perform" from "outperform."
RBC cited limited valuation upside following a 31% year-to-date rally as the reason for the downgrade. The brokerage maintained its price target at 140p, which represents a 14% potential return from the last close of 124.30p.
Additionally, RBC removed its prior "Speculative Risk" qualifier, reflecting the company’s improved balance sheet.
Citi upgrades Weir Group (OTC:WEGRY) to buy
Weir Group PLC (LON:WEIR) shares rose 1% after Citi Research upgraded it to "buy" from "neutral," while raising its target price to £29 from £21.30.
The bank’s decision was based on structural gains in margins, free cash flow, and end-market exposure, particularly in the mining sector.
Citi’s new target price suggests a potential 16.2% share price return. When combined with a 1.6% dividend yield, the expected total return reaches 17.8%.
Shell warns of softer Q2 performance
Shell shares dropped over 2% after the energy giant issued a downbeat second-quarter trading update, pointing to weaker performance in its downstream operations.
The company forecast production at 900,000–940,000 barrels of oil equivalent per day (kboe/d), compared to 927,000 kboe/d in the first quarter. LNG liquefaction volumes are expected at 6.4–6.8 million tonnes, versus 6.6 million tonnes in the previous quarter.
Analysts at RBC Capital Markets described the guidance as disappointing, particularly highlighting concerns in the Chemicals and Products segment.
Renold flags weak start to FY26
In other market news, British industrial machinery maker Renold reported that its early fiscal 2026 product sales volume has fallen below year-ago levels.
The company indicated sales volumes are likely to remain weak through the first half of the fiscal year as economic uncertainty causes customers to delay purchases.
Renold noted that pricing actions largely offset slower first-quarter sales.
Ferrexpo (LON:FXPO) output slumps 40% in Q2
Iron ore producer Ferrexpo reported a 40% sequential decline in second-quarter production on Monday, as suspended tax refunds in Ukraine squeezed the company’s liquidity.
Ferrexpo shares fell 1.5% on Monday.
U.K. house prices stall in June
British house prices showed no change month-on-month in June, according to figures released by mortgage lender Halifax.
The stagnation matched expectations from economists.
Halifax revised its May figures, showing a 0.3% monthly decline rather than the previously reported 0.4% drop. Despite the flat monthly performance, house prices were 2.5% higher in June compared to the same month a year earlier.
China to curb medical device procurement from EU
In international news, China will impose reciprocal curbs on medical-device procurement for companies based in the European Union.
EU-based companies will be excluded from Chinese government procurement for certain devices if the value exceeds $6.3 million, according to a statement from the Ministry of Finance.
U.K. rules out immediate end to two-child benefit cap
Meanwhile, the U.K. government has talked down hopes that the two-child cap on parental benefits might be scrapped, as Prime Minister Keir Starmer seeks to control spending.