Investing.com – European equities traded flat to higher on Monday in what was muted trade due to stock markets being closed for holidays in China, the U.K. and the U.S.
Nearing midday trade in Europe, the benchmark Euro Stoxx 50 rose 0.12%, France’s CAC 40 inched up 0.03% while Germany’s DAX 30 edged forward 0.09%.
There was no tier one data on the economic calendar for Monday, though European Central Bank (ECB) president Mario Draghi will be appearing for his quarterly hearing before the European Parliament’s Committee on Economic and Monetary Affairs at 9:00AM ET (13:00GMT).
The euro inched up 0.02% against the dollar, while the single currency dropped 0.25% against the pound.
In light company news flow, British Airways (BA) resumed flights from London after a computer failure over the weekend caused cancellations, affecting thousands of passengers.
With the London Stock Exchange closed for a holiday on Monday, Madrid-listed shares of BA’s parent company IAG (MC:ICAG) (LON:ICAG) sank 3%.
Meanwhile, oil prices swung between gains and losses in European trading on Monday, as the market weighed rising U.S. drilling against efforts by major producers to cut output to reduce a global glut.
Data from energy services company Baker Hughes showed on Friday that U.S. drillers added rigs for the 19th week in a row, the longest such streak on record, implying that further gains in domestic production are ahead.
Energy stocks traded mixed, as French oil and gas major Total SA (PA:TOTF) gained 0.20%, Italy’s ENI (MI:ENI) fell 0.35%, while Norwegian rival Statoil (OL:STL) slipped 0.07%.
Financial stocks registered mixed trade, as French lenders BNP Paribas (PA:BNPP) slipped 0.02% but Societe Generale (PA:SOGN) advanced 0.55%, while Germany’s Commerzbank (DE:CBKG) gained 0.79% and rival Deutsche Bank (DE:DBKGn) inched up 0.06%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) fell 1.53% and Unicredit (MI:CRDI) traded down 1.45%, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) rose 0.63% and 0.31%, respectively.
In London, the commodity-heavy FTSE 100 was closed for a bank holiday.
Although Wall Street will remain closed Monday for Memorial Day, U.S. futures registered slight gains. The Dow Jones Industrial Average futures advanced 0.05%, S&P 500 futures edged forward 0.07%, while the Nasdaq 100 futures rose 0.11%.