European Stocks Close Unchanged

European stocks closed nearly unchanged on Monday, as gains fueled by investor optimism regarding economic stimulus measures in China faded, while shares of Danish pharmaceutical company Novo Nordisk rose to record levels. The Stoxx 600 index closed steady at 457.96 points after hitting its highest level in four weeks during the trading session. Technology sector stocks rose by 0.5%, supported by a 0.8% increase in shares of Dutch semiconductor equipment maker ASML. Mining sector stocks closed up by 0.6% after rising 2% during the trading session, driven by an increase in iron ore futures due to investor optimism regarding the political support being provided by China to its struggling real estate sector. China has intensified its efforts to boost its economy and major banks have paved the way for larger lending rate cuts. Sources indicate that Beijing plans to take further measures, including easing restrictions on home purchases. Shares of companies exposed to China rose by 0.1%, while automotive manufacturing stocks increased by 0.3%. Novo Nordisk's shares rose by 0.7% to reach a record high during today’s trading session after the company launched the drug Wegovy in the United Kingdom.