LIVE MARKETS-Tech drags STOXX lower as trade chaos weighs; utilities rise

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TECH DRAGS STOXX LOWER AS TRADE CHAOS WEIGHS; UTILITIES RISE

European shares were off to a softer start on Monday as trade policy chaos weighed on markets, pulling the STOXX 600 .STOXX down from a record high hit on Friday on initial relief over a U.S. Supreme Court ruling that struck down President Donald Trump’s sweeping tariffs.

But after Trump responded by announcing new levies on the rest of the world, investors cautioned that trade relations could get even more complicated, raising uncertainty over earnings prospects for Europe's exporters.

Moves, however, were modest. The region wide index was last down 0.1%.

Tech was the biggest drag, as heavyweights such as ASML ASML.AS and SAP SAPG.DE moved lower, tracking the decline in Nasdaq futures.

Enel's ENEI.MI investment plan and new share buyback lifted the shares by around 4%, helping the broader utilities .SX6P sector - generally seen as insulated from global trade - outperform. Barclays analysts said Enel's targets were well above consensus: "The new 2030 outlook boosts visibility".

Banks .SX7P were another bright spot, up 0.8%.

(Danilo Masoni)

EARLIER ON LIVE MARKETS:

BEFORE THE BELL: EUROPEAN FUTURES INCH LOWER CLICK HERE

COUNTING THE COST OF TARIFF CHAOS CLICK HERE