European stocks muted as US debt ceiling concerns weigh

Banks and miners were among the biggest sectoral decliners, while healthcare stocks rose. Germany's blue-chip DAX slipped 0.1% after hitting an all-time high in the prior session.

European stocks were largely unchanged at open on Monday, as concerns about a U.S. debt ceiling deal and outlook for U.S. and European monetary policies weighed on sentiment after a strong run in several of the region's markets.

The pan-European STOXX 600 index was flat after touching a more than one-year high on Friday. Banks and miners were among the biggest sectoral decliners, while healthcare stocks rose.

Germany's blue-chip DAX slipped 0.1% after hitting an all-time high in the prior session. European chip stocks came under pressure after China's cyberspace regulator said that products made by U.S. memory chipmaker Micron Technology Inc had failed its network security review and it would bar operators of key infrastructure from buying from the company.

Shares of Infineon Technologies AG, STMicroelectronics NV and ASM International NV slipped, while Micron's Frankfurt-listed shares dropped 5.2%. Novo Nordisk A/S climbed 2.3% after research showed taking its new obesity drug may help reduce the risk of heart disease as well as boosting weight loss.

Meanwhile, Greece's ruling New Democracy party stormed to a crushing victory in a parliamentary election on Sunday but fell just short of the threshold needed to form a government on its own, making a runoff election in a month more likely. The country's benchmark bond yields slipped on the news.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)