European markets softened today, closing down as the Brexit hangover continues.
In London, the FTSE 100 lost 0.84% to close at 6,522.26.
A rise in commodities prices boosted mining stocks today. Silver was at a two-year high and gold has seen an increase in price as Brexit forced a demand for safe havens.
Post-Brexit malaise in the U.K. real estate and construction sectors increased on Monday after a closely watched gauge of sentiment dramatically worsened
Real estate companies and home builders led the decliners on the FTSE 100 after the survey, with developers British Land (BTLCY) , Land Securities (LSGOF) andHammerson (HMSNF) and home buildersBerkeley Group Holdings,Barratt Developments (BTDPY) ,Taylor Wimpey (TWODF) andPersimmon (PSMMY) each down well over 6%.
Shipping broker Clarkson (CKNHF) closed down more than 16% after it said a fall in freight rates and weak investor confidence means 2016 profit will be "materially lower" than last year.
Gulf Keystone (GFKSY) meanwhile fell 15.2% after it said it defaulted on a $26 million April debt payment. It is continuing restructuring talks with lenders. The company is due to make a $26 million payment this October. Payments surge to $250 million in April 2017 and $325 million in October 2017.
Royal Bank of Scotland (RBS) - Get Report could face a two-year delay in its reprivatization plans when its shares fell dramatically after the Brexit vote, CEO Ross McEwan told a London radio station today. He said, "This will be a setback, let's be honest. I think at least [for] a couple of years it will be pushed back." The government owns 73% of the bank.
Shares in the bank closed up 0.3% today, and have lost 33% since the day before the referendum.
In Milan, lender Monte dei Paschi di Siena (BMDPF) was down almost 14% after the bank said the European Central Bank had ordered it to cut bad loans.
In Frankfurt, the Dax was down 0.69% at 9,709.09 and the Cac 40 was recently at 4,234.86, 0.91% lower.
German utility company RWE (RWEOY) was the biggest riser on the Dax, gaining 3.5%. The company over the weekend signed a seven-and-a-half-year deal with Qataragas for liquefied natural gas deliveries into Europe.
Lufthansa (DLAKY) gained 1.4% today, making it one of the biggest gainer in Frankfurt. The German airline today reiterated its 2016 profit target despite uncertainty caused by the U.K.'s decision to leave the European Union. CEO Carsten Spohr told reporters that the airline had not seen a change in business travel since the referendum, but said that expectations of lower economic activity are not good for the company.
The company is aiming for an underlying profit of slightly more than €1.8 billion ($2 billion). Analysts expect the profit to be €1.78 billion, according to Thomson Reuters data.