European stocks: EuroStoxx falls - No trading in London

PARIS/LONDON/ZURICH (dpa-AFX) - In rather muted trading, the major European stock markets largely declined on Monday. The London stock exchange remained closed due to a holiday. The EuroStoxx 50 fell 0.44 percent to 5,464 points in the morning.

Before the weekend, signals of an impending interest rate cut in the US had brought the Eurozone's benchmark index a bit closer to its record high from March of this year. At the beginning of the week, it lacked some momentum. Optimism about a rate cut appears to have fizzled out, while geopolitically, there has been no real progress with regard to peace efforts in Ukraine. The Swiss SMI fell 0.32 percent to 12,226 points on Monday.

The wind power sector was once again in focus in Europe at the start of the week. A significant 17 percent drop in Orsted shares dragged the industry down. The Danish group was impacted by a temporary construction freeze imposed by US authorities on a wind power project in the US. Following Orsted's lead, Vestas also lost 4 percent. If the construction freeze remains in effect longer, the project is likely to be delayed, and Orsted faces more extensive write-downs, according to analysts at investment firm Jefferies. The current news cycle is unfavorable for Orsted's upcoming capital increase.

Valneva investors also experienced a share price debacle after the US Food and Drug Administration (FDA) immediately halted approval of a French vaccine against the Chikungunya virus. Valneva shares slumped by 22 percent, wiping out about half of the share price gains since the end of July.

Keurig Dr Pepper plans to acquire Dutch coffee and tea specialist JDE Peet's. The beverage company is offering €31.85 per JDE share in cash, equivalent to €15.7 billion. JDE Peet's shares gained 17.3 percent to €31.12.

In the EuroStoxx, shares of French infrastructure group Vinci were the weakest performers this morning, down 2.4 percent. Shares of internet holding company Prosus led the way, rising 1.4 percent./ajx/mis

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