European stocks open largely flat
The pan-European Stoxx 600 was up 0.07% shortly after markets opened, hitting an intraday record high
European stocks opened the last trading week of the year in largely flat territory.
The pan-European Stoxx 600 was up 0.07% shortly after markets opened, hitting an intraday record high.
The U.K.’s FTSE index opened slightly higher, while France’s CAC 40, Germany’s DAX and Italy’s FTSE MIB were slightly lower.
European defence stocks were falling in morning trading following weekend peace talks between President Donald Trump and Ukrainian counterpart Volodymyr Zelensky.
Shares of Leonardo fell 3.9% while Kongsberg, Hensoldt, Rheinmetall and Saab fell between 2% and 3%, respectively.
The Stoxx Europe aerospace and defence index was 1.3% lower.
French biotech Abivax was up 3.1% shortly after the open, among the top performers in Europe’s blue-chip index. The clinical stage drugmaker has been the subject of takeover rumours and optimism about the prospects for its lead asset – a treatment for ulcerative colitis.
Trading volumes could be lighter this week, given the ongoing Christmas holidays, and with regional markets set to close Thursday for New Year’s Day.
The prospect of a peace deal for Ukraine before the year’s out is fading after Trump and Zelenskyy said on Sunday that progress had been made during talks to end the war but that “one or two very thorny issues” remained.
Oil prices rose as investors weighed the prospects of a deal to end the war in Ukraine.
U.S. crude oil rose 1% to $57.34 a barrel, while global benchmark Brent gained 1% to $61.27. Both benchmarks fell about 2% on Friday.
Trump had been targeting a peace deal before Christmas, but Ukraine and Russia remain far apart when it comes to territorial concessions demanded by Russia and security guarantees coveted by Ukraine.
Meanwhile, silver climbed above $80 an ounce for the first time early Monday before paring some gains. The precious metal was last seen trading at $75.60 an ounce. Gold dropped 1.2% to last trade at $4,499 an ounce.
There are no major European earnings or data releases on Monday.