European stocks were mixed Monday morning, as market participants continued to monitor trade talks between the world’s two largest economies.
The pan-European Stoxx 600 was flat during early morning deals, with sectors and major bourses pointing in opposite directions.
Europe’s basic resources stocks — with their heavy exposure to China — led the gains, up around 0.7 percent. It comes at a time when market focus is largely attuned to global trade developments, with officials from the U.S. and China set to resume negotiations this week.
Both sides reported progress in five days of talks last week, with President Donald Trump indicating he might be willing to push back a March 1 deadline for a deal.
Looking at individual stocks, Germany’s Wirecard surged to the top of the European benchmark after financial watchdog BaFin issued a ban against establishing or increasing short positions in the company’s stock. Shares of the firm jumped 8 percent on the news.
Meanwhile, soft drink bottler Coca-Cola HBC tumbled toward the bottom of the index. It comes after the company announced on Monday it would buy Serbian biscuit and confectionery maker Bambi for an enterprise value of 260 million euros ($294 million). Shares of the London-listed stock slipped almost 2 percent.
Elsewhere, oil prices climbed to their highest level for the year so far, supported by OPEC-led supply cuts and U.S. sanctions against Venezuela and Iran.
International benchmark Brent crude traded at around $66.44 Monday morning, up around 0.3 percent, while U.S. West Texas Intermediate (WTI) stood at $55.93, slightly over 0.6 percent higher.
In Asia, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, rose almost 1 percent.