European stocks were subdued on Monday, as investors assessed stalled negotiations between the U.S. and Iran, which indicated that a weekslong disruption to vital oil supply flows will carry on.
By 03:02 ET (07:02 GMT), the pan-European Stoxx 600 was unchanged, as was the FTSE 100 in the U.K. The Dax in Germany gained 0.3%, while the CAC 40 in France was higher by 0.2%.
Over the weekend, U.S. President Donald Trump called off sending his negotiators to Pakistan for a fresh round of talks with Iran, saying that Tehran can “call me” because Washington holds “all the cards.”
The impasse suggests a continuation of a blockade of shipping activity by both the U.S. and Iran through the Strait of Hormuz, a crucial conduit for a fifth of the world’s oil, even with a fragile ceasefire in effect.
But Axios reported that Iran gave a new proposal to the U.S. to reopen the strait, end the war, and delay nuclear discussions until a later date.
In individual stocks, onshore wind turbine group Nordex surged by more than 9% in early trading, fueled by first-quarter underlying earnings that topped estimates.
Forvia also said it would sell its interiors business to Apollo for 1.82 billion euros. Shares of the French automotive gear supplier rose by over 3%.
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