(Bloomberg) -- European equities were little changed, hovering near their highest level since January 2022, as trading resumed in the region following the Christmas break.
The Stoxx 600 Index was less than 0.1% higher by 8:07 a.m. in London, with energy and mining stocks leading gains. AstraZeneca Plc rose after the British drug giant agreed to acquire Chinese cell therapy developer Gracell Biotechnologies Inc. German chemical giant Bayer AG gained after it won a trial in a US lawsuit related to its Roundup herbicide.
Trading volumes were light with only three trading days left this year. Stocks in the region have rallied in the last two months, and the main benchmark is set to end 2023 with a gain of more than 12%.
A pullback may now be approaching, with almost two-thirds of European investors in a BofA poll last week saying they expect stocks to fall in the near-term after sharp rally since late October.
SECTORS TO WATCH
- European and US carmakers could be active as Toyota Motor's sales and production reached fresh records in November, thanks to steady vehicle demand across North America and Europe.
- Mining stocks may be in focus as iron ore rallied past $140 a ton to its highest since June 2022 on Tuesday when European markets were closed, and steadied around that level on Wednesday.
- Watch European shipping stocks after Maersk said it's preparing to resume shipping through the Red Sea, thanks to a new multinational maritime task force to protect vessels from attacks by Houthi rebels from Yemen.
For more on equity markets:
- ADVISORY: Taking Stock Europe Will Resume on Jan. 3
- ADVISORY: M&A Watch Europe Will Resume on Jan. 2
- US Stock Futures Little Changed; Coherus Bio, AMD Gain
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