European Stocks Close Flat After Lackluster Session

(RTTNews) - European stocks closed flat after a choppy ride on Monday as investors stayed largely cautious and refrained from making significant moves, looking for direction.

With key U.S. tech companies scheduled to announce their quarterly earnings this week, and no big economic data to provide direction, movements were lackluster for much of the day's trading session.

Several big tech companies including Alphabet, Microsoft, Amazon and Meta will announce their earnings this week.

Traders also await a reading on U.S. first-quarter GDP along with the Fed's favored measure of inflation for further clues on the health of the world's largest economy.

In European economic news, a measure of German business sentiment improved in April for a sixth consecutive month.

The headline German IFO business climate index rose to 93.6 in April from 93.2 in March. Economists expected the reading to edge up to 94.

Elsewhere, U.K. house price growth eased in April, Rightmove said in a report. On a monthly basis, average asking prices rose by 0.2%, down from 0.8% growth in March and the average of 1.2% growth at this time of year.

The pan European Stoxx 600 edged down 0.01% and the U.K.'s FTSE 100 edged lower by 0.02%. Germany's DAX and France's CAC 40 ended lower by 0.11% and 0.04%, respectively. Switzerland's SMI edged up 0.06%.

Among other markets in Europe, Austria, Belgium, Finland, Norway, Poland, Sweden and Turkiye closed higher.

Czech Republic, Denmark, Greece, Iceland, Russia and Spain ended weak, while Ireland, Netherlands and Portugal settled flat.

In the UK market, Dowlais Group shares rallied nearly 6%. ABRDN, Airtel Africa, JD Sports Fashion, British Land, Associated British Foods, Next, M&G and Halma gained 1 to 2%.

Ocado Group ended more than 2% down. Scottish Mortgage, Fresenillo, Anglo American Plc, BT Group, Smurfit Kappa Group and Vodafone Group lost 1 to 2%.

In Paris, Stellantis tumbled more than 6%. ArcelorMittal ended lower by about 2%. Orange, L'Oreal and Engie lost 1 to 1.25%.

Vivendi drifted down 1.1% after it entered into a put option agreement with International Media Invest for the sale of publishing business Editis. The company reported lower than expected revenue growth in the first quarter.

Kering gained about 1.2%. Pernod Ricard and Credit Agricole both advanced nearly 1%. TotalEnergies, BNP Paribas and Vinci also closed notably higher.

In the German market, Zalando ended lower by about 2%. Infineon Technologies, SAP, Deutsche Telekom, Siemens Energy and Henkel lost 1 to 1.6%.

Siemens Healthineers climbed more than 3.5%. Sartorius surged nearly 3% and Brenntag gained about 2.7%. Fresenius Medical Care, Hannover Rueck, Fresenius, BASF and Mercedes-Benz gained 1 to 2%.

In the Swiss market, UBS surged higher after it hired Oliver Wyman to guide the integration of Credit Suisse.

Shares of Dutch technology firm Philips soared nearly 14% after setting aside 575 million Euros ($631 million) for possible litigation costs related to its global recall of respiratory machine.