European shares muted as investors weigh U.S.-Iran talks

European shares were muted at the open on Monday, with Brent Crude prices declining 1.6% as investors assessed progress in US-Iran negotiations on shipping through the Strait of Hormuz.

European shares were muted at the open on Monday as investors assessed the ‌latest round of U.S.-Iran negotiations for signs of progress toward resuming shipping through the Strait of Hormuz, a critical artery for global oil trade. Brent Crude prices ‌declined 1.6%, and were trading below $80 per barrel after mediators Qatar ‌and Pakistan said that Washington and Tehran had agreed on a roadmap for a final deal and measures to safeguard shipping through the Strait of Hormuz. Tehran had declared ⁠the waterway ​closed on ⁠Sunday, casting doubt on the ceasefire's sustainability.

The pan-European STOXX 600 index edged 0.05% higher to 635.92 ⁠points by 0711 GMT. Tech stocks led sectoral gains, rising 1.2%, with chipmaker Infineon ​and semiconductor equipment maker Aixtron gaining 4.5% and 2.3%, respectively, tracking advances ⁠in Asian equities. In M&A activities, shares of budget airline easyJet rose 2.3% after U.S. ⁠investment ​firm Castlelake went public with a £4.74 billion ($6.26 billion) offer. Danone shares slipped 0.4% after the French food giant said it will acquire Australian company ⁠MADE Group for an undisclosed amount. Among other movers, the UK's defence and ⁠engineering group Babcock dropped ⁠3.3% following a sharp decline in its annual profit on a £140 million frigate charge. ($1 = 0.7571 pounds)