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(Bloomberg) — European stocks were muted as the telecom sector fell on concerns that SpaceX could take more of the mobile market and investors weighed a halt in hostilities between the US and Iran.
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The Stoxx Europe 600 Index was little changed at the close. Telecom stocks were among the biggest laggards after Bloomberg reported that SpaceX and Charter Communications Inc. have held executive-level talks about partnering on a consumer mobile phone offering, sending sector heavyweight Deutsche Telekom AG down 5.4%.
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Elsewhere, Heidelberg Materials AG fell 9.4%, leading construction-related stocks lower after analysts reduced second-quarter revenue estimates. Tech, media and energy shares were the day’s biggest gainers.
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In geopolitics, US President Donald Trump said peace talks with Iran are set to resume on Tuesday in Doha, after both sides agreed to halt a series of tit-for-tat attacks over the Strait of Hormuz. Brent Crude rose 1.5% to trade at $73 a barrel.
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“Despite the news headlines’ volatility during the weekend, it seems that everyone has already scrapped geopolitical risk premium from their assumptions,” said Andrea Gabellone, head of global equities at KBC Securities.
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European stocks have narrowed the gap with their US counterparts this year as excitement around the artificial-intelligence trade cools. Low volatility, ESG, value and multi-factor exposures outperformed last week, while the top-quintile momentum basket was the weakest performer.
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In other individual stocks, Nagarro SE soared 88% after India’s Persistent Systems Ltd said it planned to offer €81 a share to buy the German IT services provider. Bridgepoint Group Plc gained 16% after the UK private equity firm agreed to buy Florida-based Kayne Anderson Real Estate in its first push into the US property market.
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The week ahead also sees the annual European Central Bank forum with policymakers gathering in Sintra, Portugal, from June 29 to July 1, and includes the debut public appearance outside the US for Federal Reserve Chairman Kevin Warsh since taking office in May.
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For more on equity markets:
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- Hunt for European AI Plays Leads to Power, Banks: Taking Stock
- M&A Watch Europe: BT and Verizon JV, Nagarro, Ipsen, Heidelberg
- US Stock Futures Rise on Report US, Iran to End Attacks
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—With assistance from Henry Ren, Ruhell Amin, Neil Campling and Gary Parkinson.
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