European stocks tread water after six winning weeks

European stocks on Monday held on to levels they reached after six straight winning weeks, with most of the movement occurring in merger situations.

Up 11 out of the last 13 weeks, the Stoxx Europe 600 SXXP, +0.03% rose 0.05% to 406.25.

The German DAX DAX, -0.27%, the French CAC 40 PX1, -0.29% and the U.K. FTSE 100 UKX, +0.06% also experienced little change.

The Dow Jones Industrial Average DJIA, +0.80% broke through the 28,000 level in reaching a new high on Friday. U.S. stock futures ES00, +0.13% were stronger on Monday as well.

Over the weekend, Morgan Stanley said it was closing the underweight recommendation on global equities it had since July on expectations for a better economy. The large brokerage says it prefers non-U.S. equities due to valuation.

There wasn’t much in the way of macro developments, though the People’s Bank of China cut the seven-day repo rate for the first time since 2015.

Shares of the Spanish stock exchange, Bolsas y Mercados Espanoles Sociedad Holding de Mercados y Sistemas Financieros BME, +36.85%, shot up nearly 38% to 30 euros after Euronext ENX, +1.32% said it is in talks to buy the exchange, while the Swiss exchange Six said it is willing to pay 34 euros a share.

Euronext shares rose 1.4% in Paris.

Shares of U.K. insurer Aviva AV, -4.49% fell 3% as the company said it will hold on to its Singapore division and China venture, which it had explored selling.

Qiagen QIA, +12.25% jumped 12% after saying the genetic testing company said it has received several indications of interest that were not binding.

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