European Markets Steady Amid U.S. Election Focus

European shares remained steady on Monday as technology stocks' losses counterbalanced gains in resource-linked shares, amidst focus on the U.S. presidential election. The STOXX 600 index saw energy stocks rise due to OPEC+'s decision affecting oil prices. Upcoming U.S. and European interest rate decisions are key market events this week.

European shares steadied on Monday, as the tug-of-war between technology stock losses and resource-linked shares gains left the market flat. The anticipation surrounding the U.S. presidential election further heightened market awareness.

The pan-European STOXX 600 held its ground at 510.89 points, buoyed by a 0.6% rise in energy stocks. This upswing came after OPEC+ opted to delay an increase in oil production, causing a spike in oil prices. Basic resources also experienced a boost, gaining 0.3% as base metal prices rose following the dollar's weakening.

Conversely, technology stocks faltered, slipping 0.7%. Notably, STMicroelectronics dropped 1.6% post-downgrade by Morgan Stanley. Focus shifted towards the U.S. election with its close call between Donald Trump and Kamala Harris. Meanwhile, the Federal Reserve and the Bank of England are expected to announce interest rate decisions this week, with anticipated cuts, influencing market dynamics.

(With inputs from agencies.)