European shares steady after record close entering holiday week
- The pan-European STOXX 600 was at 587.28
European shares held steady on Monday, with gains in tech and commodity-linked stocks providing support, as investors started a holiday-shortened week on a tepid note following the previous session’s record-high close.
The pan-European STOXX 600 was at 587.28 at 0810 GMT. Major regional markets were lower, with the ones in London and France down 0.3% each.
The STOXX 600 gained over 1% last week after a slowdown in U.S. consumer price inflation bolstered expectations for additional Federal Reserve rate cuts, while the European Central Bank maintained policy rates and took a more positive view of the euro zone economy.
Most sectors retreated following Friday’s robust gains. However, tech shares gained 0.6% after wrapping up the previous week with a 0.9% decline.
Commodity-linked sectors traded higher, with miners up 1.2% after gold prices raced past $4,400 for the first time and copper prices set a record high.
Oil firms gained 0.3% tracking a rise in oil prices.
On the radar will be a gross domestic product reading in the U.S., among the final economic indicators before markets head into holidays later this week.
Among stocks, Abivax jumped 10% after media reports of renewed chatter of U.S. pharma giant Eli Lilly attempting a takeover.
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