European shares lost ground on Monday as French assets sold off in the wake of the country’s latest round of political turmoil.

Propelled by Advanced Micro Devices’ (AMD’s) multibillion-dollar chip deal with OpenAI, US share indices surged to record highs as technology stocks mostly climbed.

DUBLIN

The Iseq index dropped 0.5 per cent on the eve of Budget 2026, largely in line with its European peers.

Engineering and drilling equipment group Mincon was the biggest winner, jumping 7 per cent as global metals prices climbed.

Banking stocks, meanwhile, slid with AIB and Bank of Ireland down 1.6 per cent and 1.7 per cent to €7.83 and €14.30 per share at the close, respectively.

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Ryanair advanced by 0.7 per cent to €24.65 per share, outperforming its European rivals on the session.

Housebuilders Glenveagh and Cairn Homes lost ground, declining by 0.9 per cent 1.2 per cent respectively.

EUROPE

European share indices were pulled lower by falling French stocks after the sudden resignation of the country’s prime minister. The blue-chip Stoxx 50 index slid 0.4 per cent while the pan-European Stoxx 60 was largely unchanged.

France’s CAC 40 index shed 1.4 per cent, sparking worries about further political turmoil in the country.

Banks and insurers dropped, with BNP Paribas falling 3.2 per cent and Axa down 2.3 per cent, while Credit Agricole and Societe Generale also fell.

French luxury names were also in the firing line. LVMH gave up 2.3 per cent while Gucci owner Kering dipped 1.8 per cent.

Tech and auto stocks limited the decline in European indices. Stellantis added 3.4 per cent after announcing plans to invest heavily in the US, while BMW advanced by 3.3 per cent.

LONDON

UK share indices finished down slightly, with the FTSE 100 retreating 0.1 per cent from record highs, while the mid-cap FTSE 250 dipped by 0.4 per cent.

Mondi plunged 16 per cent as it revealed that profitability had dwindled in the third quarter of this year, primarily due to softer volumes and weaker prices.

The Weybridge-based packaging firm, a rival to Smurfit-Westrock, saw its underlying earnings drop 19 per cent to €223 million for the third quarter of 2025, from €274 million in the second quarter, but remained flat compared with the third quarter of last year.

A fresh surge in the gold price boosted Fresnillo, up 1.2 per cent, and Endeavour Mining, up 2.8 per cent.

Oil majors BP and Shell added 2.1 per cent and 1.3 per cent, tracking rising crude prices.

NEW YORK

On Wall Street, the benchmark S&P 500 and the tech-heavy Nasdaq rose on Monday, building on last week’s gains, as AMD’s chip-supply deal with OpenAI highlighted the extent of investor enthusiasm around AI and offset concerns around the federal government shutdown.

AMD became the latest catalyst after striking a deal with OpenAI, which pushed the chip designer’s shares to their highest level in more than a year.

The stock was last up 28.8 per cent and the top performer on the benchmark index.

Among stocks, some chip companies such as Marvell Technology and Micron Technology gained 2.9 per cent and 3.5 per cent, respectively. AI-linked firms such as Super Micro Computer, Palantir Technologies and Oracle jumped 4.4 per cent, 3.7 per cent and 2.6 per cent, respectively.

Tesla gained 4 per cent after it teased an October 7 event, with investors and analysts anticipating a more affordable electric vehicle model.

Regional bank Comerica gained 15.5 per cent after Fifth Third said it will buy the company in an all-stock deal valued at $10.9 billion. – Additional reporting: PA, Reuters, Bloomberg