Europe open: Lacklustre shares flat; Siemens Ganesa in favour
European shares were flat at the opening on Monday after a mixed overnight session for Asian equities as investors also turned an eye towards US inflation data this week.
The pan-European Stoxx 600 had barely moved the needle in early deals after a strong performance last week where it reached record highs. Investors are waiting for US consumer prices readings on Wednesday that could influence Federal Reserve moves towards an interest rate rise.
Oil stocks made gains on the back of firmer crude prices after OPEC+ producers pushed back against a US call to accelerate output as demand nears pre-Covid-pandemic levels.
In equity news, Siemens Gamesa was the biggest climber on the Stoxx with the shares up 8.22% after its full-year results.
Richemont rose 4% after reports that activist hedge fund Third Point had built a stake in the luxury goods firm.
UK’s Playtech gained 2.8% after the online gambling software developer received a takeover bid from its second-biggest shareholder Gopher Investments.
Consumer goods group Henkel fell 5.8% after lowering its full-year outlook due to rising raw materials prices.
Frankfurt-listed shares of Tesla dropped 7.3% after voters on chief executive Elon Musk’s Twitter poll favoured a sale of 10% of his shares in the company.