European stocks were mostly unchanged from opening levels on Friday as a rebound among mining stocks offset weakness among music stocks.
With little economic data for investors to feed on, market momentum lacked conviction in either direction.
"The current climate of high oil prices, uncertainty over the US economy and the prospect of a close-run presidential election is leaving many traders unwilling to commit themselves," said Paul Webb, a trader at CMC Group.
The Dow Jones STOXX 600 Index, which tracks Europe's 600 largest listed companies, was down 0.1 percent at 239.91. The Dow Jones Euro STOXX Index, which tracks companies in countries that joined the common currency, was 0.1 percent higher at 228.83.
At the close of trading, London's FTSE-100 Share Index was 0.04 percent lower at 4,615.4, while in Paris the CAC-40 Index was down 0.01 percent at 3,687.17. Frankfurt's Xetra Dax Index was up 0.03 percent at 3,935.14.
Media stocks were under pressure from the start of trading amid reports that Eliot Spitzer, the New York attorney general, opened an investigation into the ways global music companies secure radio airplay for their releases.
In London, EMI fell 1.4 percent to £2.17. In Paris, Vivendi Universal led the CAC-40 decliners, falling 2.1 percent to 20.93 euros.
Mining stocks, however, were performing strongly, spurred by relief over still-strong Chinese growth. Shares in Xstrata gained 1.6 percent to £8.88 in London and Rio Tinto rose 0.3 percent to £14.55.
Technology stocks remained under a cloud after a disappointing outlook statement overnight from software giant Microsoft.
Ericsson, the world's largest maker of mobile-telecom equipment, reported strong third-quarter earnings on Friday but remained cautious on its outlook. Despite initial losses, its shares recovered in the afternoon, ending up 1.6 percent at S$43.43.
Also bucking the trend, French telecom company Alcatel extended its previous session rally topping the CAC-40's gainers as investors continued to welcome a contract win with SBC Communications. Alcatel shares rose 2.5 percent to 11.22 euros.
Merger and acquisition activity dominated UK trade. Mid-cap fire-equipment maker Kidde extended Thursday's rally for a second session.
Investors speculated that United Technologies would return with an improved bid after Kidde said on Thursday it had rejected a cash offer of up to £1.60 per share. Shares gained 17.24 percent to £1.70.
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China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday
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