European shares muted as investors weigh U.S.-Iran talks

European shares were muted at the open on Monday as investors assessed the latest round of U.S.-Iran negotiations ‌for signs ⁠of progress ⁠toward resuming shipping through the Strait of Hormuz, a critical artery for global oil trade. Brent Crude prices declined 1.6%, and were trading below $80 per barrel after mediators Qatar and Pakistan said that Washington and Tehran had agreed on a roadmap for a final ⁠deal and ‌measures to safeguard shipping through the Strait of Hormuz. Tehran had declared the waterway closed ⁠on Sunday, casting doubt on the ceasefire's sustainability.

The ​pan-European STOXX 600 index edged 0.05% ​higher to 635.92 points by 0711 GMT. Tech stocks led sectoral gains, rising 1.2%, with chipmaker Infineon and semiconductor equipment maker Aixtron gaining 4.5% and 2.3%, respectively, tracking advances in Asian equities.

In M&A activities, shares ‌of budget airline easyJet rose 2.3% after U.S. investment firm Castlelake went public with ​a £4.74 billion ($6.26 ​billion) offer. Danone shares ⁠slipped 0.4% after the French food giant said it will acquire Australian company MADE Group for an undisclosed amount. Among ​other movers, the UK's defence and engineering group Babcock dropped 3.3% following a sharp decline in its annual profit on a £140 million frigate charge.