European Shares Flat To Higher With All Eyes On US Debt Ceiling Talks

European stocks were flat to slightly higher on Monday as investors awaited a pivotal meeting between U.S. President Joe Biden and House Speaker Kevin McCarthy on the debt ceiling and monitored political developments in Greece.

Greek Prime Minister Kyriakos Mitsotakis won the national election but failed to reach the majority.

U.S. Treasury Secretary, Janet Yellen, has reiterated that the June 1 deadline for raising the federal debt ceiling is non-negotiable.

As negotiations continue, some lawmakers remain optimistic that a deal will be reached before the deadline.

The pan European STOXX 600 was up 0.2 percent at 469.71 after gaining 0.7 percent to reach a one-year high on Friday.

The German DAX and France’s CAC 40 were marginally lower, while the U.K.’s FTSE 100 was up 0.2 percent, led by banks.

Electrolux fell about 1 percent after announcing its collaboration with global freight booking platform Freightos.

Tech stocks traded mixed after China banned some sales of Micron Technology products, citing significant network security risks.

Novo Nordisk A/S gained 2.1 percent after research showed taking its new obesity drug may help reduce the risk of heart disease as well as boost weight loss.

Ryanair Holdings rallied 2.2 percent after it swung to profit in FY23.

Mining stocks fell in London, with Antofagasta and Glencore falling around half a percent on China recovery concerns.

Oil & gas stocks such as BP Plc and Shell were also moving lower while lender HSBC Holdings added 1.4 percent, Standard Chartered jumped nearly 3 percent and Lloyds Banking Group rose half a percent.

NatWest rose 1.2 percent after it agreed to buy 1.3 billion pounds ($1.6 billion) worth of its shares back from the government.

Animal health specialist Dechra plunged 9.5 percent after issuing a profit warning.
Sartorius AG tumbled 3.2 percent after Morgan Stanley downgraded the stock to “equal-weight”, citing destocking risk.

On a light day on the economic front, U.K. house prices hit a record high in May.

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