European stocks lower as traders await U.S. election

Banks led the gains by sector, trading up 0.7 per cent, while technology stocks ended 1.1 per cent lower

European markets closed lower on Monday as traders awaited the U.S. presidential election due to take place on Tuesday.

The pan-European Stoxx 600 closed 0.3 per cent lower. Regional bourses and sectors were broadly in the red.

Banks led the gains by sector, trading up 0.7 per cent, while technology stocks ended 1.1 per cent lower.

Oil shares got a boost as crude prices gained more than 2 per cent Monday on a decision by OPEC+ to delay plans to raise production. The sector closed 0.4 per cent higher.

Shares of Burberry closed down by 4.8 per cent after a media report over the weekend suggested that its peer Moncler is mulling a bid for the British luxury retailer.

Stock markets are gearing up for a key week, with the latest U.S. presidential election poll from NBC News showing a “deadlocked race” between former President Donald Trump and current Vice President Kamala Harris.

Market aftershocks may hinge heavily on which party takes charge of Congress as a result of the vote.

A divided U.S. House of Representatives and Senate would likely maintain the political status quo of the country.

A Republican or Democratic sweep, however, would likely be along with a White House victory for the same party, and could translate into fresh spending plans or a tax overhaul.

Asia-Pacific markets mostly gained Monday.

U.S. stocks declined as investors looked ahead to the 2024 presidential election.

Nvidia shares jumped 2 per cent after S&P Dow Jones Indices announced the chipmaker would replace rival Intel in the 30-stock Dow.