Europe close: Stocks little changed in calm trading

19th Feb 2024 17:06

(Sharecast News) - European shares ended Monday on a mixed note with US markets closed for the Presidents Day holiday.

Investors also opted to sit on their hands ahead of the release of the minutes of the Federal Reserve's last policy meeting, on Wednesday, and potentially key euro area quarterly wage survey data on Thursday.

The pan-European Stoxx 600 index edged up 0.16% to 492.39, alongside a 0.18% dip to 31,676.05 on the FTSE Mib and a flat close on the Cac-40.

Euro/dollar, German Bunds and Brent crude oil futures were little changed alongside.

In the background, shares in Shanghai rose 1.6% as traders returned from the Lunar New Year holidays with sentiment boosted by upbeat travel data - although market commentary around the gains was rather downbeat.

In equity news, Currys was at the centre of a potential takeover battle between US private equity outfit Elliott and Chinese ecommerce giant JD.com. Currys management said it had already rejected a £700m approach from the former, claiming it "significantly undervalued" the chain. Shares in the chain surged by 35%.

Shares in AstraZeneca rose after the US Food and Drug Administration approved use of the company's blockbuster cancer drug Tagrisso with chemotherapy to treat a type of lung cancer.

Meantime, shares of German IT company Bechtle dropped sharply after Barclays rated the stock as 'underweight'.