European markets live updates: stocks, data and earnings

British online fashion retailer ASOS reported a 15% drop in fourth-quarter sales and said earnings would be at the bottom end of its guided range in a trading statement.

Earnings before interest and taxes are now expected to sit closer to £40 million ($49 million) than the £60 million upper limit.

Shares of the fast fashion brand were down more than 3% after the announcement.

ASOS announced in October 2022 that it would be overhauling its business model after profits continued to disappoint.

“The plan over the next 12 months is going to be focusing on simplifying the business and making it more resilient and more flexible,” CEO José Antonio Ramos Calamonte told Reuters at the time.

— Hannah Ward-Glenton

European markets opened lower as negative momentum continues in the region.

The pan-European Stoxx 600 index was down 0.5% in early trade, with all sectors in the red. Tech stocks saw the biggest decline, falling 1.2%, while household goods fell 1%.

— Hannah Ward-Glenton

Air France-KLM plans to order 50 Airbus A350 long-haul jets, along with the purchase rights for 40 extra aircraft, the carrier announced Monday evening.

The first deliveries are expected from 2026, and completing the order would make Air France-KLM the world’s largest operator of Airbus A350s.

The planes will replace older vehicles, including Airbus A330 and older Boeing 777 aircraft.

Shares of Air France-KLM were down 0.8% in early trading.

— Hannah Ward-Glenton

Tech giant Meta seems to be going through an “identity crisis” of sorts, making the stock “uninvestable” right now, according to Adam Coons, chief portfolio manager at Winthrop Capital Management.

The company — which operates social media platforms Facebook, Instagram, Threads and WhatsApp – has been through multiple rounds of restructuring, making it hard for investors to “understand what [it] is going to be,” he told CNBC’s “Street Signs Asia” on Monday.

But not everyone agrees, with some analysts calling it their ‘top pick across the internet sector.”

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Bank of America upgraded three European luxury stocks that are bucking the negative trends afflicting the broader sector.

The MSCI index of European luxury goods companies has fallen 16% from its most recent high on Apr. 24 as evidence emerges of slowing demand in the third quarter.

The Wall Street bank has upgraded what it believes is “one of the cheapest stocks” in the sector despite a 45% gain in its share price this year.

CNBC Pro subscribers can read more here.

— Ganesh Rao

European markets are expected to open in negative territory Tuesday.

The U.K.’s FTSE 100 index is expected to open 5 points lower at 7,613, Germany’s DAX down 41 points at 15,352, France’s CAC down 25 points at 7,096 and Italy’s FTSE MIB down 92 points at 28,316, according to data from IG. 

Smiths Group is set to release its full-year preliminary results and A.G. Barr will publish its interim results. There are no major data releases Tuesday.

— Holly Ellyatt