Europe close: Stocks end on mixed note despite upbeat news on trade
Stocks on the Continent finished on a mixed note, despite news that China was moving ahead with pledges to open its economy further.
"Market movements are low as some traders are tapering off their activity as Christmas is getting closer. Continental equity markets are largely showing small losses.
"Volatility has been low despite the news that China will lower tariffs on more than 850 US products come January. It is almost as if traders are indifferent to the positive US-China news," said David Madden at CMC Markets UK.
On Monday morning, China's ministry of finance announced a one-year long reduction in tariffs for 859 different types of products.
The move was aimed at meeting Beijing's recent pledge to open up the Chinese economy more, but was unrelated to the ongoing US-China trade talks.
And on Saturday, the US President, Donald Trump, tweeted that he expected a trade deal to be signed "very shortly".
Against that backdrop, by the end of the trading day, the pan-European Stoxx 600 had drifted 0.03% lower to 418.27 while the French Cac-40 had risen 0.13% to 6,029.37 and the German Dax had slipped 0.13% to 13,300.98.
Milan's FTSE Mibtel fell as well, shedding 0.44% to 23,898.42, and in Madrid the Ibex 35 was off by 0.16% to 9,659.60.
No major economic reports were scheduled for release in the Eurozone on Monday.
However, a call by a top European Central Bank official for deeper analysis into the factors that were holding down inflation, before doubling down on stimulus, caught investors' attention.
In an interview with Holland's De Volkskrant, ECB governing council member, Klaas Knot, also said he was increasingly concerned by the impact from lower for longer interest rates, including the popularity of complex credit structures.
Low interest rates might last for another five years, Knot reportedly said.
On the corporate side of things, Atlantia shares paced losses on the Stoxx 600 amid a growing legal tussle between its tollway operating unit, Autostrade per L'Italia, and the government in Rome over the payout that it might receive should its concessions be revoked. The legal battle followed the collapse of a bridge on a motorway in Genoa run by Autostrade, 16 months before, that left at least 43 dead.
Financials were also under selling pressure, with Spain's Banco Sabadell and Bakinter faring worst, alongside the likes of Commerzbank and Deutsche Bank.
Going the other way, shares of UAE-focused healthcare provider, NMC Health, topped risers with a big bounce for its share price after the firm announced plans for an independent third-party review of its accounts following the recent short-selling attack sparked by a critical report around its financial reporting from Muddy Waters.
Stock in Bayer was also on the top rungs of the leaderboard after the US Environmental Protection Agency waded into the court battle around the chemical giant's Roundup weed killer, saying that a lower court ruling against the company should be reversed.
CAC 40 - Risers
Accor (AC) 41.99 +2.07%
TECHNIPFMC (FTI) 18.77 +0.89%
LVMH (MC) 413.80 +0.80%
Dassault Systemes (DSY) 148.00 +0.71%
Hermes International (RMS) 676.60 +0.71%
Airbus SE (AIR) 132.78 +0.68%
Total (FP) 49.35 +0.58%
Publicis Groupe Sa (PUB) 41.06 +0.54%
Pernod Ricard (RI) 161.20 +0.53%
Essilorluxottica (EL) 138.15 +0.47%
CAC 40 - Fallers
Renault (RNO) 43.24 -1.60%
ArcelorMittal SA (MT) 15.95 -1.34%
Peugeot (UG) 21.99 -1.21%
BNP Paribas (BNP) 53.11 -0.84%
Societe Generale S.A. (GLE) 31.19 -0.67%
ENGIE (ENGI) 14.65 -0.64%
Credit Agricole (ACA) 13.01 -0.42%
Orange. (ORA) 13.25 -0.41%
ST Microelectronics (STM) 24.23 -0.41%
Saint Gobain (SGO) 36.99 -0.36%