Orsted shares plummet 10% as U.S. pauses 5 offshore wind projects; European markets lower

It follows a record-breaking previous session where Europe’s benchmark index hit a fresh intraday high of 588.07 points, as investors digested a swathe of interest rate decisions.

Danish renewables giant Orsted fell sharply in afternoon trade after the U.S. Department of the Interior said Monday it was suspending leases on five offshore wind projects already under construction. U.S. Interior Secretary Doug Burgum cited national security concerns as the reason for the pause.

Orsted shares were last seen down 10.3%, while Vestas Wind Systems fell 3.3%.

Shares in French biotech Abivax soared 15.8% as the firm — one of Europe’s best-performing stocks this year — continues to garner investor attention. Abivax declined to comment when approached by CNBC on Monday about rumors of a potential takeover by U.S. giant Eli Lilly.

On Friday, the Italian competition authority (AGCM) on Friday closed its investigation into Stellantis and the Italian arms of Tesla, BYD, and Volkswagen. The antitrust probe was centered around the transparency of information advertised to consumers regarding EV driving range, battery degradation and warranties offered to consumers. The automakers must now improve the transparency of and clarify such information.

Stellantis was down almost 2.2% on Monday.

The AGCM has been busy. On Monday, it fined Apple 98 million euros ($115 million) over alleged abuse of its dominant position in the market, particularly around the App Store. The watchdog found that Apple’s data for advertising policy for third parties restricts competition.

Gold and silver prices also soared to new highs on Monday. Gold notched upwards to a record $4,459.70 per ounce while silver hit $68.99 per ounce in early morning trade, before paring some gains through the session. Prices are up nearly 70% and 128% year-to-date, respectively.