European Stocks Slip 0.4% From Record Highs as UK M&A Drives Movers

European equities edged down from record highs on Monday as investors digested a wave of M&A news, with the Stoxx Europe 600 closing 0.4% lower, according to Jiemian News. Utilities and healthcare led declines, while financial services and bank stocks outperformed. In the UK, deal activity was active. ITV Plc rose as much as 2.4% before paring gains after agreeing to sell its media and entertainment business to Sky. Budget airline easyJet jumped 9.3% after accepting a takeover offer from private equity firm Castlelake LP, hitting its highest level since 2022. The Stoxx Europe 600 has risen over the past four weeks, supported by falling oil prices that eased inflation concerns and improved the outlook for European growth. Jiemian News said a rotation of global funds out of tech stocks into other sectors has also helped, while the upcoming second-quarter earnings season will be a key test for the rally.