European shares hold steady ahead of US-China trade talks

European shares were subdued on Monday, after rounding off the previous week with gains, as markets waited another round of Sino-U.S. trade talks later in the day.

The pan-European STOXX 600 was flat at 553.72 points by 0708 GMT, after four consecutive sessions of gains.

Top officials from the U.S. and China are scheduled to meet in London for talks that investors hope will indicate some progress in de-escalating trade tensions between the world’s two biggest economies.

The talks follow a phone call between the presidents of the two countries last week, in which they agreed to hold more talks, amid a global trade war that has escalated from tit-for-tat tariffs to export controls.

In the market, shares of technology and construction and materials companies led declines, while gains in real estate and industrial miners capped losses.

On the data front, an inflation reading out of the U.S. and figures on the UK labour market will be in focus through the week. Among individual stocks, London’s Alphawave jumped 22% after U.S. chipmaker Qualcomm agreed to acquire the semiconductor company for about $2.4 billion. Several markets including ones in Switzerland, Denmark and Norway were closed for a holiday.