European shares open flat as tech losses offset mining, energy gains

(Reuters) – European shares were flat at the open on Monday as losses in tech stocks offset gains in resources-linked shares, while the focus remains on the U.S. presidential elections.

The pan-European STOXX 600 held firm at 510.73 points as of 0809 GMT, with technology stocks among the top sectoral decliners, down 0.6%.

STMicroelectronics, Europe’s largest chipmaker by revenue, shed 1.9% after Morgan Stanley downgraded its rating on the stock to “underweight” from “equal weight”.

Basic resources led gains early in the session, rising 0.5% on advancing base metal prices, while energy also stocks added 0.5% as crude oil prices gained on a decision by OPEC+ to delay plans to increase output. [MET/L] [O/R]

All eyes are now on the Nov. 5 U.S. election, with opinion polls too close to call a clear winner between Republican candidate Donald Trump and Vice President Kamala Harris.

Among individual stocks, Schneider Electric fell 1% after the French industrials giant said it has ousted CEO Peter Herweck with immediate effect.

UK’s Burberry jumped 4.6% after a report over the weekend said that Italy’s Moncler could be considering making a bid for the luxury firm. Moncler fell 1.3%.

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sonia Cheema)