European equity markets struggled to build on record highs on Monday, as investors appeared to take a breather at the start of a holiday-shortened week.
The benchmark Stoxx 600 SXXP, -0.03% traded flat at 418.57, after closing out Friday’s session with a 0.8% gain to 418.80, which marked a fresh closing high. The FTSE 100 UKX, +0.54% was unchanged at 7,586.74. Among other regional indexes, the German DAX 30 index DAX, -0.13% was flat at 13,310.73 and the French CAC 40 index PX1, +0.13% was steady at 6,020.78.
Positive trade developments continued on Monday as Chinese media reported the government will cut tariffs on 850 products. Separately, Beijing said it would open its oil, telecom and power markets to private competitors, in a bid to boost a slowing economy. “Perhaps a little profit taking but also, of course, the additional of a legal end-date to the withdrawal bill, raising the risk of no-deal WTO [World Trade Organization] Brexit. Still, it’s just about hanging in there above 1.30 against the U.S. dollar,” Craig Erlam, senior market analyst at OANDA Europe, said in a note to clients.
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