European Markets Hold Steady Amid Tech Losses and Election Watch

European shares remained flat on Monday morning as tech stocks faced declines and attention remained on the U.S. presidential elections. While tech underperformed, basic resources and energy stocks saw gains. Key highlights included STMicroelectronics' downgrade and speculation around a potential acquisition of UK’s Burberry.

On Monday, European shares opened flat, as a mixed start saw losses in tech stocks neutralized by gains in resources-linked shares. Investors' attention remains focused on the upcoming U.S. presidential elections, an event anticipated to have significant ramifications on the market.

The pan-European STOXX 600 held steady at 510.73 points at 0809 GMT, despite technology stocks being among the worst performers. A notable drop came from STMicroelectronics, which slipped 1.9% following a downgrade by Morgan Stanley from 'equal weight' to 'underweight'.

In contrast, basic resources saw a rise of 0.5% buoyed by escalating base metal prices, while energy stocks also edged up as crude oil prices increased due to OPEC+'s decision to delay output expansion. Attention remains sharply focused on the U.S. election verdict, with no clear frontrunner between Donald Trump and Kamala Harris.

(With inputs from agencies.)