(Reuters) – European shares opened flat on Monday as falling shares of mining companies kept gains in check as focus remained on the first round of French parliamentary elections later this week.
The pan-European STOXX 600 held steady at 515.06 points as of 0712 GMT, with basic resources falling close to 1% amid weaker metal prices, while autos led early gains with a 1.2% increase.
The focus will be on the first round of France’s parliamentary elections this week with polls showing a lead for the far right National Rally (RN) party and its allies. The French benchmark began the week 0.2% up.
Among other stocks, Germany’s Zalando dropped 6.7% after Morgan Stanley cut the online retailer to “equal weight” from “overweight”.
Hochtief advanced 6.6% as Jefferies upgraded the German construction firm to “buy” from “hold”.
Belgian pharmaceutical company argenx jumped 7.3% after the company said the U.S. FDA approved Vyvgart Hytrulo, a treatment for chronic inflammatory demyelinating polyneuropathy.
(Reporting by Shashwat Chauhan in Bengaluru and Jesus Calero in Gdansk; Editing by Sohini Goswami)
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