Europe stocks nudge higher despite tariff uncertainty; Ryanair profits soar 128%

European markets open mixed

European stock markets moved cautiously higher in early deals, with France's CAC 40 and Germany's DAX both up around 0.1%. The regional Stoxx 600 index had nevertheless already pared gains to trade at the flatline by 8:10 a.m. in London.

Autos stocks are down 0.6%, with Stellantis down 2.7% after announcing it expects a net loss of 2.3 billion euros ($2.68 billion) in the first half of the year due to pre-tax net charges and the early effects of U.S. tariffs.

BP picks Albert Manifold as new chair

British oil major BP on Monday announced Albert Manifold as its new chair, succeeding Helge Lund.

The London-listed company, which remains firmly in the spotlight as a prime takeover target, said Manifold will join the board on Sept. 1 and take over as chair from Oct. 1.

Manifold previously worked as CEO of CRH, the world's largest building materials company, for 11 years through to the end of last year.

Ryanair first-quarter profits soar as fares boosted by Easter timing

Low-cost airline Ryanair boosted profit after tax to 820 million euros ($954 million) from 360 million euros in its fiscal first quarter, helped by timing of the Easter holiday and a slightly better-than-expected price environment, the carrier reported Monday.

Revenue rose 20% year on year to 4.34 billion euros, as ancillary revenue — fees derived from flight add-ons such as seat selection, food and drink and additional baggage — increased 7% to 1.39 billion euros.

Ryanair's growth strategy has been stymied in recent years by ongoing delays in its large delivery of new Boeing 737 Max aircraft, amid strikes and safety concerns at the U.S. manufacturer. Ryanair CEO Michael O'Leary in May threatened to cancel his order for the aircraft if the tariff war between the U.S. and European Union leads to higher prices.

The airline said Monday it expected certification of the Max-10 variant in late 2025 and was planning for its first 15 deliveries in spring 2027, with a total 300 deliveries by March 2034. O'Leary meanwhile told an analyst call Monday there was “cautious optimism” that commercial aircraft may get a tariff exemption, and that the airline had agreed a “fixed purchase price” with Boeing and so did not expect to take a hit from the duties, according to a transcript.

It reiterated guidance for full-year traffic growth of 3% and said it was too early to provide firm profit guidance, but that it “cautiously” expected “reasonable net profit growth” as it recovers almost all of the prior fiscal year's fare decline.

CNBC Pro: Bitcoin is expected to rally further. Heres how the pros are investing

Bitcoin extended its gains Monday, after coming off an eventful week.

As of 12.16 p.m. Singapore time (12.15 a.m. ET), the cryptocurrency had gained 0.21% against the greenback to $118,368.56.

Market watchers CNBC Pro spoke to remained bullish on bitcoin and saw potential for the cryptocurrency to climb even further in the rest of the year.

Futures data from IG suggest a negative start to the new trading week for European bourses, with London's FTSE 100 seen opening 0.1% lower, France's CAC 40 down 0.3%, Germany's DAX down 0.4%, and Italy's FTSE MIB 0.35% lower.

European markets have been on tenterhooks since U.S. President Donald Trump announced earlier in July that he would impose a 30% tariff on goods imported from the EU starting Aug. 1. The EU has said it hopes to strike a trade deal before then but an agreement remains elusive.

On Sunday, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the “hard deadline” for countries to start paying tariffs, although he also added that “nothing stops countries from talking to us after August 1.”