European Stocks Open Steady as Utilities Rise, Industrials Drop

(Bloomberg) -- European equities were little changed at the open and industrials fell as the optimism from a possible trade pact began to dissipate.

The Stoxx Europe 600 Index was down 0.1 percent. BHP Billiton Plc fell 0.7 percent and Ashtead Group Plc was down 3.5 percent. Industrials and miners both outperformed last week.

European equities rallied last week as reports suggested that the U.S. and China are nearing a trade deal. Investors continue to weigh corporate earnings results for signs of an economic slowdown as they prepare for this week’s Fed policy meeting and results of the U.S. midterm elections.

“Optimism of a trade war resolution faded again over the weekend,” said Jasper Lawler, head of research at London Capital Group. “The midterm elections will be running to a backdrop of trade-war tensions.”

To contact the reporter on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.net

To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Jon Menon

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