Europe open: Share subdued as investors mull Biden call on Ukraine weapons

18th Nov 2024 08:28

(Sharecast News) - European shares made a subdued start to the week as investors mulled US President Joe Biden's decision to lift a ban on Ukraine using American-made long-range missiles to strike Russia.

The pan-European Stoxx 600 index was down 0.06% at 502.7 in early deals, although major regional bourses were in the green. With no major economic releases expected, there was little to drive sentiment.

Biden reportedly allowed the use of Atacms rockets, which have a range of 300kms in response to the presence of North Korean troops fighting alongside Russia against Ukraine.

In equity news, shares in Melrose surged as the UK aerospace company reported a 7% rise in revenue in the four months for October 31 driven by a strong rise in aftermarket work, particularly in defence.

Shares in Grifols fell on a report by Spanish news website El Confidencial that Canadian fund Brookfield plans to offer about €7bn for the Spanish drugmaker.

Reporting by Frank Prenesti for Sharecast.com