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European stocks were mostly a touch higher on Monday midday, as UK households and businesses showed mixed borrowing patterns in July, according to Bank of England data. The FTSE 100 index was up 10.55 points, 0.1%, at 9,197.89. The FTSE 250 was up 16.05 points, 0.1%, at 21,621.77, and the AIM All-Share was up 4.81 points, 0.6%, at 768.91. The Cboe UK 100 was slightly higher at 922.74, the Cboe UK 250 was down 0.1% at 18,974.99, and the Cboe Small Companies was up 0.2% at 17,282.15. In European equities on Monday, the CAC 40 in Paris was marginally higher, while the DAX 40 in Frankfurt advanced 0.4%. UK households and businesses showed mixed borrowing patterns in July, with mortgage demand softening but consumer credit and corporate lending holding firm, data from the Bank of England showed Monday. Net mortgage borrowing by individuals fell to £4.5 billion in July from £5.4 billion in June, while mortgage approvals for house purchases edged up slightly to 65,400 from 64,600. Approvals for remortgaging fell to 38,900 from 41,600. Meanwhile, the downturn in the UK manufacturing sector sharpened in August, survey results from S&P Global showed on Monday, as the sector contracted for the eleventh month running. The manufacturing purchasing managers’ index fell to 47.0 points in August from 48.0 in July, remaining below the 50-point neutral mark. It also slightly underperformed the flash reading of 47.3 points. Weak market conditions, tariff uncertainty and subdued client confidence contributed to a sharp drop in new order intake in August, as both domestic and overseas demand fell. The pound was quoted higher at $1.3527 at midday on Monday in London, compared to $1.3510 at the equities close on Friday. The euro also stood higher, at $1.1723, against $1.1699. Against the yen, the dollar was trading up at JP¥147.08 compared to JP¥146.92. Genuit rose 3.7% around midday in London. The Leeds, England-based provider of water, climate and ventilation systems for buildings and infrastructure has bought commercial ventilation solutions provider Monodraught Topco Ltd for £55.6 million on a debt-free and cash-free basis. Monodraught generated 13% organic compound annual revenue growth between 2021 and 2024, and is expected to product a 2025 outturn of around £19 million. The deal was fully-funded through Genuit’s existing debt facilities. High Wycombe, England-based Monodraught, which will form part of Genuit’s Climate Management Solutions business unit, is projected to be earnings per share accretive in the first full year of ownership. Galileo Resources jumped 15%. The copper, gold and lithium mine developer in Zambia, Zimbabwe and Botswana said its prospecting licence PL253 in the Kalahari Copperbelt of Botswana has intersected a wide interval containing intermittent visible copper mineralisation. ‘It is very pleasing that we have made an early copper intersection in our RC drilling programme on PL253 as we were essentially drilling a blind target based on soil geochemistry and geophysical interpretation of the geology,’ says Chief Executive Officer & Chair Colin Bird. At the other end, Mkango Resources sank 7.9%. The Malawi-focused producer of recycled rare earth magnets, alloys, and oxides says pretax loss for the six months that ended June 30 widened to $3.7 million from $1.8 million the year before, as total expenses increased 53% to $2.6 million from $1.7 million. Mkango continued to report no revenue. ‘The reporting period was dominated by the news of restrictions on the export of rare earths from China, and their subsequent consequences. While framed as a national-security measure, the restrictions were widely perceived as retaliation in response to higher tariffs imposed by the USA on China,’ said Mkango. ‘There was immediate fallout as a result of the restrictions. The scrutiny of Chinese customs officials slowed shipments, with magnet exports in April 2025 reported to be approximately 50% lower than the previous month. Later in the reporting period, China began granting licences and signalled selective easing for some companies in the supply chain, leading to a partial rebound in June magnet exports. Volumes, however, remained below 2024 levels.’ Financial markets in New York were closed on Monday for Labor Day. The yield on the US 10-year Treasury was quoted at 4.23%, widening from 4.22%. The yield on the US 30-year Treasury was quoted at 4.92%, stretching from 4.89%. Brent oil was quoted up at $67.98 a barrel at midday in London on Monday from $67.41 late Friday. Gold was quoted higher at $3,470.39 an ounce against $3,445.38. ‘Gold and silver have enjoyed a stellar start to the week, with silver in particular surging into a 14-year high in early trade. In an environment of concerns around the ever-increasing debt burden and ongoing trade uncertainty, traders have understandably looked further afield in a bid to seek assets that benefit from concerns around fiat devaluation and potential stock-market volatility,’ commented Rostro analyst Joshua Mahony. ‘Notably, with the wider growth outlook improving, silver has started to come into its own given the benefit of also reflecting improved industrial demand. With markets forecasting weaker jobs data across the course of the week, additional concerns over the direction of the US economy could yet provide the kind of boost that may drive gold into fresh record highs above $3,500.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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