European equity markets opened the week with modest declines. The Euro Stoxx 50 slipped 0.2% to 6,382 points, while the UK FTSE 100 was largely unchanged at 10,830 points. Switzerland's benchmark SMI fell 1.0% to 14,252 points, marking the broadest drop among the three indices.
Market participants cited caution ahead of the European Central Bank's monetary‑policy meeting on Thursday and the release of US inflation figures on Friday. Adding to the subdued tone, US equity markets were closed on Monday for a public holiday, limiting any external catalyst.
In Switzerland, pharmaceutical giant Novartis lost 3.1% after a clinical trial of its lipoprotein‑lowering drug Pelacarsen failed to demonstrate a reduction in heart attacks, strokes, or cardiovascular death. Reinsurer Swiss Re fell 1.7% as it seeks to contain further price erosion in its casualty and accident lines, citing heightened exposure to floods, droughts, hail, severe thunderstorms and wildfires.
Oil stocks led the European sectoral gains, rising 1.1% on renewed price increases linked to escalated tensions in the US‑Iran conflict. French‑Italian energy group TotalEnergies gained 1.2%, while Italy's Eni rose 1.0%.
Overall, the mixed performance reflects a market balancing between geopolitical risk, commodity price movements and upcoming macro‑economic data releases.
