European Stocks Steady Amid Global Uncertainty

European stocks showed little change on Monday, with investors focusing on earnings and the European Central Bank's upcoming policy meeting. Despite China's stimulus announcement, uncertainties continued. Luxury stocks tumbled, reflecting concerns about China, while Mulberry rose following a takeover proposal from Frasers.

European stocks remained mostly unchanged on Monday as investors remained cautious amid global uncertainties. The spotlight was on the earnings season and the European Central Bank's policy meeting scheduled for later in the week.

The STOXX 600 index recorded a modest 0.01% increase at 0720 GMT. A rise in utilities and financial services helped offset declines in travel, leisure, and luxury sectors. Despite China's promise over the weekend to significantly boost debt for economic revival, the specifics of the stimulus plan were not detailed enough to uplift investor confidence.

French luxury giants like LVMH and Hermes experienced drops of up to 3%, affected by their exposure to China. Meanwhile, British betting firms Flutter and Entain saw significant losses following reports of potential tax hikes. On a positive note, Mulberry's stock surged by 16% amid news of possible acquisition talks with Frasers.

(With inputs from agencies.)