European Stocks Close Flat as Yields Stay Near Highs
European stocks closed with small changes on Monday, with the Euro STOXX 50 down 0.1% to 6,455 and the STOXX Europe 600 flat at 654 as long-dated Eurozone yields stayed near multi-decade highs.
European stocks closed with small changes on Monday, holding the losses from the previous week amid an adverse macroeconomic backdrop for major European sectors.
The Euro STOXX 50 fell 0.1% to 6,455 and the STOXX Europe 600 closed flat at 654.
Sovereign yields on longer maturity securities remained near multi-decade highs across major economies in the Eurozone, tracking those in the US to reflect concerns of higher deficit spending by Washington and concerns that the Federal Reserve may be complacent to high inflation.
In the meantime, AI infrastructure stocks were lower ahead of Nvidia earnings after Wednesday's close, with Infineon and Siemens Energy dropping 3%, while ASML lost 1%.
In turn, banks were mostly higher to trim losses from the earlier week.