Europe Asia News

Shares of Leonardo fell 3.9%, while Kongsberg, Hensoldt, Rheinmetall and Saab dropped between 2% and 3%. The Stoxx Europe Aerospace & Defense index fell 1.3%.

Across Europe, the Stoxx 600 rose 0.07% shortly after the open to hit an intraday record. Britain’s FTSE opened slightly higher, while France’s CAC 40, Germany’s DAX and Italy’s FTSE MIB edged lower.

French biotech firm Abivax rose 3.1% immediately after the open, ranking among the best performers in Europe’s blue-chip index.

With the Christmas holiday ongoing and regional markets set to close on Thursday for New Year’s, trading volumes could be lower this week.

After Trump and Zelensky said on Sunday that progress had been made in talks to end the war but that “one or two very thorny issues” remained, the likelihood of a peace deal for Ukraine by year-end has weakened.

Oil prices climbed as investors assessed the prospects for an agreement to end the war in Ukraine.

U.S. crude (WTI) rose 1% to $57.34 a barrel, while global benchmark Brent gained 1% to $61.27. Both contracts had fallen about 2% on Friday.

Trump had aimed for a peace deal before Christmas, but major gaps remain between Ukraine and Russia over the territorial concessions sought by Russia and the security guarantees Ukraine wants.

Speaking to reporters after Sunday’s talks in Florida, President Zelensky said they had agreed on about “90%” of a 20-point peace plan and that the leaders fully agreed on Ukraine’s security guarantees. Trump was slightly less optimistic, saying the deal was “close to 95%.”

Meanwhile, silver gave back some gains after briefly topping $80 an ounce early Monday for the first time. The precious metal last traded at $75.60 an ounce. Gold fell 1.2% to $4,499 an ounce.

There are no major earnings or data releases in Europe on Monday.