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European shares open flat as tech losses offset mining, energy gains
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(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)
The STOXX 600 is a stock index that represents the performance of 600 large, mid, and small-cap companies across 17 European countries, providing a comprehensive overview of the European equity market.
Tech stocks are shares of companies that operate in the technology sector, including those involved in software, hardware, and IT services. They are often characterized by high growth potential and volatility.
OPEC+ is a coalition of oil-producing countries that includes the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, which work together to manage oil production and stabilize prices.
A stock downgrade occurs when an analyst lowers their rating on a stock, indicating that they believe the stock's price will decline or underperform compared to the market or its peers.
A luxury firm is a company that produces high-end products or services, often characterized by premium pricing, exclusivity, and a focus on quality and brand prestige.
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