European markets mostly flat as banks rally and tech retreats
European markets stayed mostly flat on Monday, with the STOXX 600 index barely moving.
While tech stocks struggled, especially after some drama around NVIDIA's CEO and AI industry scrutiny, banking shares took the spotlight thanks to big merger news and solid earnings.
Mining stocks also got a boost as precious metal prices climbed.
Credit Agricole plans Banco BPM merger
Banking was the real winner: Credit Agricole announced plans to merge its Italian arm with Banco BPM, aiming to create Italy's third-largest bank.
That sent Banco BPM shares soaring by 9.4%, even as Credit Agricole dipped slightly.
UniCredit also impressed investors with a strong earnings report and an optimistic outlook for the rest of the year.
Jensen Huang faces China intelligence questions
On the flip side, tech shares took a hit after reports surfaced about NVIDIA's CEO and questions about Huang's exposure to potential foreign intelligence concerns in China.
Despite this setback for tech, gains in banking and mining helped keep European markets balanced overall.