Tech and Commodities Lead Steady European Market Start

European shares remained stable on Monday, supported by gains in tech and commodity-linked stocks. The STOXX 600 was at 587.28, and major regional markets saw small declines. Tech shares rose 0.6%, and miners increased by 1.2%. Abivax surged 10% on takeover speculation involving Eli Lilly.

European shares maintained their ground on Monday, as gains in technology and commodity-linked stocks provided essential support amid a holiday-shortened week. The session had started on a lukewarm note following last session's record-setting close.

By 0810 GMT, the pan-European STOXX 600 stood steady at 587.28. Major regional markets experienced slight downturns, with indexes in London and France each slipping by 0.3%. This follows the STOXX 600's over 1% rise last week, buoyed by easing U.S. consumer price inflation, which fueled expectations for further Federal Reserve rate cuts. Meanwhile, the European Central Bank's hold on policy rates and optimistic assessment of the euro zone economy provided additional stability.

Despite widespread sector retreats post-Friday's strong performance, technology stocks rose notably by 0.6%, recovering from a 0.9% dip last week. Gains were further spearheaded by the commodity sector, with miners advancing 1.2% following record-setting gold and copper prices. Meanwhile, oil companies posted a 0.3% rise in line with climbing oil prices. Investors are keeping an eye on the upcoming U.S. GDP reading as one of the last key economic indicators before the markets enter the holiday season. Abivax shares jumped 10% amid media buzz regarding potential acquisition interest from U.S. pharmaceutical heavyweight Eli Lilly.

(With inputs from agencies.)