Rheinmetall MAN military vehicle in Donetsk Oblast, Ukraine, November 20, 2024.
Yan Dobronosov | Global Images Ukraine | Getty Images
LONDON — European stock markets started the last trading week of the year largely flat.
The pan-European Stoxx 600 index rose 0.07% at the market open, hitting an intraday high.
british FTSE The index started slightly higher, but France’s CAC40German dachshund and italian FTSE MIB It was slightly lower.
European defense stocks fell in morning trading following weekend peace talks between President Donald Trump and Ukrainian President Volodymyr Zelenskiy.
Leonardo’s share price fell 3.9%, while Kongsberg, Hensoldt, Rheinmetall and Saab each fell 2-3%. The Stoxx European Aerospace and Defense Index fell 1.3%.
French biotech company Avivax rose 3.1% shortly after the move, making it one of the top performers in European blue-chip indexes. The clinical-stage pharmaceutical company has been the subject of acquisition rumors and optimism about the prospects for its flagship asset, a treatment for ulcerative colitis.
Trading volumes may be lower this week given the ongoing Christmas holiday and regional markets scheduled to close on Thursday for New Year’s Day.
The chances of Ukraine reaching a peace deal before the end of the year are fading after Presidents Trump and Zelensky said Sunday that progress had been made in talks to end the war but “one or two very thorny issues” remain.
Oil prices rose as investors weighed the prospects for a deal to end the war in Ukraine.
U.S. crude rose 1% to $57.34 per barrel, while global benchmark Brent crude rose 1% to $61.27 per barrel. Both indexes were down about 2% on Friday.
President Trump had been aiming for a peace deal before Christmas, but the gap between Ukraine and Russia remains wide when it comes to territorial concessions that Russia seeks and security that Ukraine desperately desires.
President Zelensky told reporters after talks in Florida on Sunday that an agreement had been reached on about “90%” of the 20-point peace plan, and that the leaders were in full agreement on Ukraine’s security. President Trump was a little less bullish on this point, saying the deal was “close to 95%” complete.
Meanwhile, silver rose above $80 an ounce for the first time early Monday, paring some gains since then. The precious metal was last trading at $75.60 per ounce. Gold fell 1.2% from the previous session to $4,499 per ounce.
There are no major earnings or data releases in Europe on Monday.
