LIVE MARKETS-Quiet day, except for defence

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QUIET DAY, EXCEPT FOR DEFENCE

Were it not for defence stocks -- charging up to new peaks as top leaders meet in Paris to discuss Ukraine amid growing calls to boost military spending -- the start of trading in Europe would be rather dull.

Meanwhile, Wall Street is shut for Presidents' Day, and after weeks of sustained gains in Europe, traders look eager for a pause.

The STOXX 600 .STOXX is up just 0.2%, but a gauge of defence and aerospace stocks has surged 2.7% to new lifetime highs, having already more than doubled in value since Russia invaded Ukraine three years ago.

Investors expect earnings in the industry to continue to rise strongly, driven by a significant surge in defence budgets to meet new security needs - which some analysts have dubbed a "supercycle" for the sector.

Banks .SX7P are also in demand, up 1.4% to near 17-year highs, helped by a rise in bond yields.

Here is your opening snapshot:

(Danilo Masoni)

EARLIER ON LIVE MARKETS:

BEFORE THE BELL: EUROPE STEADY, DEFENCE CHARGES UP CLICK HERE

HEY, ASIA HAS TECH SHARES TOO CLICK HERE CLICK HERE