/European stocks tread water after six winning weeks

European stocks tread water after six winning weeks

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Euronext Group’s Chairman and CEO Stephane Boujnah presents the exchanges operator’s new three-year strategic plan in Paris on October 10.

European stocks on Monday held on to levels they reached after six straight winning weeks, with most of the movement occurring in merger situations.

Up 11 out of the last 13 weeks, the Stoxx Europe 600

SXXP, +0.08%

 rose 0.05% to 406.25.

The German DAX

DAX, -0.16%,

the French CAC 40

PX1, -0.26%

and the U.K. FTSE 100

UKX, +0.12%

 also experienced little change.

The Dow Jones Industrial Average

DJIA, +0.80%

broke through the 28,000 level in reaching a new high on Friday. U.S. stock futures

ES00, +0.15%

 were stronger on Monday as well.

Over the weekend, Morgan Stanley said it was closing the underweight recommendation on global equities it had since July on expectations for a better economy. The large brokerage says it prefers non-U.S. equities due to valuation.

There wasn’t much in the way of macro developments, though the People’s Bank of China cut the seven-day repo rate for the first time since 2015.

Shares of the Spanish stock exchange, Bolsas y Mercados Espanoles Sociedad Holding de Mercados y Sistemas Financieros

BME, +36.93%,

shot up nearly 38% to 30 euros after Euronext

ENX, +1.67%

 said it is in talks to buy the exchange, while the Swiss exchange Six said it is willing to pay 34 euros a share.

Euronext shares rose 1.4% in Paris.

Shares of U.K. insurer Aviva

AV, -3.91%

 fell 3% as the company said it will hold on to its Singapore division and China venture, which it had explored selling.


QIA, +12.31%

 jumped 12% after saying the genetic testing company said it has received several indications of interest that were not binding.

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