AMSTERDAM/LONDON: European stocks closed flat on Tuesday, as a billion-dollar German property deal and a rally in technology shares were offset by losses in major mining stocks due to concerns over Chinese markets.
The pan-European STOXX 600 index ended largely unchanged at 445.20 points, after hitting a record high of 447.15 earlier in the day.
Germany’s DAX rose 0.2%, having hit a record high earlier in the day on news that Europe’s largest residential property group Vonovia SE agreed to take over its rival Deutsche Wohnen for about 18 billion euros ($22 billion).
Deutsche Wohnen surged 15.7%, the most on the STOXX 600, while Vonovia fell 6.1%. Europe’s wider real estate index added 0.4%, briefly touching a one-year high.
Technology stocks rallied 1.3% after their Wall Street peers climbed overnight on fresh insistence from US Federal Reserve officials that loose policy would stay.
Europe’s STOXX 600 is up about 12% so far this year, largely in line with Wall Street’s S&P 500 as re-opening optimism lifted shares of economically sensitive sectors such as financials and energy.
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