European Shares Lack Direction Ahead Of Central Bank Meetings

(RTTNews) - European stocks struggled for direction on Monday after briefly hitting their highest level since February 2022 on Friday amid growing bets that central banks have finished raising rates and will start cutting rates early next year.

A cautious undertone prevailed as investors looked ahead to a busy week of economic data and central bank decisions for directional cues.

The pan European STOXX 600 was marginally higher at 472.28 after gaining 0.7 percent on Friday.

The German DAX was marginally lower and the U.K.'s FTSE 100 slipped 0.2 percent while France's CAC 40 rose 0.3 percent.

Norway's Schibsted soared 12 percent after it entered into a non-binding agreement to sell its news media operations to Tinius Trust.

Switzerland's Basilea Pharmaceutica surged 4 percent after its license partner Astellas Pharma US, Inc. received the U.S. FDA approval for expanded use of antifungal Cresemba (isavuconazole) in children with invasive aspergillosis and invasive mucormycosis.

Sandvik AB, a Swedish engineering company, was marginally higher after winning a major order worth around 250 million Swedish kronor from Swedish mining company LKAB to supply automated loaders.

Mining stocks traded mixed in London amid weakness in metals prices as a result of a stronger dollar and China recovery concerns.

Glencore fell nearly 2 percent while Anglo American and Antofagasta were up around 0.6 percent each.

Domino's Pizza gained half a percent after backing its FY23 guidance.

Casino Guichard Perrachon SA fell nearly 2 percent in Paris. The retail company said that Grupo Calleja has issued the first notice of the tender offer to be launched in Colombia to acquire Casino's stake in Almacenes Exito S.A.

Germany's MorphoSys AG jumped more than 10 percent after announcing positive results from a Phase III myelofibrosis trial.

Renewable energy producer Encavis plunged 5.4 percent after a downgrade of the stock's rating by Morgan Stanley to "underweight".