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European equities finished trading on Monday mostly in the red as investors monitor corporate earnings as well as technology stocks after sharp losses last week. Tech stocks took a dive after disappointing earnings results from Twitter and Intel. Having published the quarterly financial report and stating it lost approximately 335 million monthly active users, Twitter shares dropped over 19% during the trading session on Friday.
The DAX lost 0.48% with Software Company SAP SE tumbling 2.85% as the worst performer. Meanwhile, the CAC 40 declined 0.33% as STMicroelectronics dropped 2.89%, followed by Air Liquide losing 2.69%. In London, the FTSE 100 closed flat.
Tesla coming to Europe?
The American car-making powerhouse Tesla Inc. is planning to expand its international presence by building a major factory in Europe, most possibly Germany or Netherlands, stated officials involved in the preliminary negotiations.
The Elon Musk-owned company has already held initial talks with two German federal states regarding the construction of a so-called Gigafactory in Europe. The facility would reportedly produce electric cars and their batteries under one roof. However, the negotiations are reportedly still in early stages, while a different option to set up a plant in the Netherlands, where the company's European HQ is located, is also under consideration, according to an unnamed Dutch government official.
Last month, Tesla announced it would build its first company outside the United States in the Chinese city of Shanghai, after the Chinese government claimed it would remove limitations in the ownership of electric vehicle makers this year.
T-Mobile, Nokia reach deal for 5G network gear supply
T-Mobile US reached a deal with Nokia to supply it with 5G network equipment, the two companies. The agreement is said to be worth $3.5 billion, making it one of the world's largest next generation network deals.
"Every dollar we spend is a 5G dollar, and our agreement with Nokia underscores the kind of investment we’re making to bring customers a mobile, nationwide 5G network," T-Mobile CTO Neville Ray stated.
In February, the Mobile World Congress, T-Mobile announced it planned to launch its 5G network in 30 cities in the United States this year.
American construction giant Caterpillar Inc. posted its revenue in the second quarter of 2018 stood at $14.0 billion, marking a 24% increase compared to the same time period last year. The company's profit per share was $2.82, growing 99% year on year. Operating profit for the second quarter of 2018 stood at $2.2 billion, 83% higher than the second quarter in 2017. The increase was mainly driven by the higher sales.
The highest operating profit was in construction industries, as well as energy and transportation. The revenue increase was due to higher sales volume, particularly in the three primary segments. Higher sales were also impacted by the stronger euro and Chinese yuan.
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