Global stocks ‌fell on Monday as a surge in oil prices and rising government bond yields weighed on risk appetite ahead of central bank meetings in the United States and Japan this week.

Technology stocks came under pressure after leaders of top artificial intelligence companies pushed for a slower pace of development, while another surge ​in oil prices and global bond yields dampened broader risk appetite.

Brent futures were up 4 per cent at $108.83 (€94.16) a barrel, having gained almost 9 per cent last week.

Dublin

The Dublin market had a poor start to the week, losing almost 1.6 per cent over the session.

Kingspan shares slumped more than 6 per cent, closing the day at €96.15. Homebuilders Glenveagh and Cairn were also off the pace, mirroring a decline in other European markets for rate-sensitive homebuilders.

Banking shares stumbled, with AIB falling almost 0.6 per cent to €11.58, and Bank of Ireland dipping 1.4 per cent to €20.09. Insurer FBD was down 0.8 per cent.

Ryanair closed down 1.6 per cent, trading at €22.25.

London

London’s FTSE 100 rose on ‌Monday as investors flocked to defensive sectors such as healthcare and consumer staples, while government bond yields ‌resumed their advance in a week packed with central-bank decisions.

The blue-chip FTSE 100 index closed up ​0.4 per cent at 10,697.57 points. The midcap FTSE 250 slipped 0.6 per cent to 23,834.48 points, its lowest close in more than a month.

Investors flocked to defensive ⁠sectors considered more insulated from economic cycles. Pharma stocks rose 3.8 per cent, with GSK ‌gaining ‌4.7 per cent ​after it announced positive results for two lung cancer drugs, Jideytro and Ris-Rez.

Heavyweight banks and rate-sensitive homebuilders shed ‌1.4 per cent and 2.2 per cent, respectively.

Among midcap stocks, GlobalData slid nearly 19 per cent to ​the bottom of the FTSE 250 after the data ​analytics and consulting company’s annual revenue growth forecast disappointed investors.

Europe

The pan-European Stoxx 600 was down 0.5 per cent at 635.99 points. Most regional markets declined, though London’s and Zurich’s indexes rose 0.4 per cent and 0.8 per cent, respectively.

Technology stocks were among the biggest losers, down 2.1 per cent, as AI-linked shares slid globally. Anthropic ​chief executive Dario Amodei called on Saturday for companies to slow advances in AI model capabilities over misuse concerns, a view supported by xAI’s Elon Musk and ⁠OpenAI chief executive Sam Altman.

France-based chipmaker Soitec was the Stoxx 600’s top decliner, falling 12.5 per cent.

Software stocks, however, gained. Octave ‌Intelligence, ‌Capgemini, ​Sage and Relx rose between 5 per cent and 7.5 per cent.

European miners fell 2.5 per cent, while healthcare stocks bucked the broader trend ⁠to rise 2.7 per cent. GSK gained 4.7 per cent after reporting ⁠positive trial results for two lung ​cancer drugs, adding to the sector’s momentum.

New York

Wall Street’s main indexes fell on Monday, pummeled by a ‌sell-off in heavyweight AI stocks. Shares of Nvidia tumbled 3 per cent, hitting their lowest level ​in nearly three weeks, while ‘Magnificent Seven’ peer Amazon shed more than 1 per cent.

At 11.40am ET, the Dow Jones Industrial Average fell 123.22 points, or 0.23 per cent, to ⁠52,450.07, the S&P 500 lost 32.20 points, or 0.42 per cent, to ​7,624.78, and the Nasdaq Composite dropped 114.87 points, or 0.44 per cent, to ​trade at 26,218.17.

Chipmakers declined, with Intel, AMD and Marvell Technology down 5 per cent, 5 per cent and 6 per cent, respectively.

Consumer staples and healthcare rose about 2 per cent and 1 per cent, respectively, as investors sought shelter in defensive areas of the market.

Shares of software stocks, which have been dampened by concerns AI could disrupt their businesses, climbed. ServiceNow, Adobe and Workday were up 7 per cent, 4 per cent and 5 per cent, respectively.

Meta and Alphabet climbed about 2 per cent each. – Additional reporting: Reuters