Markets in Europe started the week on a negative note with investors and digesting international concerns over U.S President Donald Trump’s introduction of a travel ban on refugees coming from seven Muslim-majority countries. Looking at particular stocks, Allianz was down by 1 percent in early trade after media reports that the insurer is considering buying the Australian firm QBE. Meanwhile, Italian energy firm ENI dropped 5 percent in early trade but quickly trimmed losses. It is important to note that Nigerian authorities asked the firm to give up control of an oil field due to an investigation into its acquisition.
Protests have taken place over immigration curbs implemented by U.S. President Donald Trump. The president said the four-month ban on people coming from seven Muslim-majority countries was not about religion but about keeping the country safe. Companies such as Google, Apple and Facebook have criticized the initiative. The dollar edged lower on Monday amid the backlash, as well as weak growth data at the end of last week. Overnight, five people were killed in Quebec, Canada during a shooting at a mosque. Back in Europe, the French socialist party elected a hard-left candidate – Benoit Hamon – to run in the presidential race.
Friday’s U.S. immigration decree is reverberating well beyond the targeted seven Muslim-majority countries on President Trump’s list. Indonesia, home to the world’s largest followers of Islam at 220 million is not among the seven banned countries, but Indonesian Foreign Minister Retno Marsudi reported over the weekend that her government held “deep regrets about the policy.” Jakarta’s embassy also commented that the move would negatively affect the global fight against radicalism, adding that it was wrong to link terrorism with one religion.