European markets close lower as investors await inflation data; Zealand Pharma up 35%

This was CNBC's live blog covering European markets.

European markets closed lower on Monday, as global investors looked ahead to more inflation data out this week.

The Stoxx 600 index closed the session 0.4% lower after ending last week at a record high. Sectors were broadly negative, with mining down 2.1% and utilities 1.2% lower.

In stock movements, Denmark's Zealand Pharma soared 35% to an all-time high after reporting strong trial results from a drug with uses in the booming weight-loss market.

The monthly personal consumption expenditures price index, the U.S Federal Reserve's favored inflation gauge, is due out Thursday.

U.S. markets were little changed on Monday as investors looked forward to the latest inflation reading as well as a slew of big earnings reports this week.

Overnight in Asia-Pacific markets, Japan's Nikkei 225 index hit a fresh high Monday as traders returned from a long weekend, while measures by South Korean authorities to boost its stock markets did little to push up the main index.

Stocks open flat Monday

U.S. stocks started Monday's trading session little changed.

The Dow Jones Industrial Average ticked down 5 points, or 0.01%.

The S&P 500 and Nasdaq Composite added 0.07% and 0.28%, respectively.

— Hakyung Kim

CEO of BT Consumer explains partnership with EE

Marc Allera, CEO of BT Consumer, discusses the company's plans with EE, its 5G strategy and the future of cellphones.

Hellofresh down 10%

Shares in meal delivery service Hellofresh were 10% lower in early afternoon trade, at the bottom of the Stoxx 600 index, after UBS slashed its target price on the stock.

The bank's analysts highlighted risks to its 2024 guidance ahead of full-year results due next month, and a challenging U.S. market.

— Jenni Reid

Zealand Pharma up 32% on drug trial results

Shares of Denmark's Zealand Pharma were up 32% at 11 a.m. London time after the company posted promising results from a trial of a liver disease treatment that has been touted as a potential competitor in the booming weight-loss drug market.

Analysts latched onto the drug's possible efficacity in obesity research following the latest test results, which indicated the safety of the top dosage used in that trial.

Read the full story here.

— Jenni Reid

CNBC Pro: The 'best' investment right now: Fund manager picks stocks with almost 15% total returns

Investors seeking to protect their portfolio from the risk of inflation re-emerging in 2024 can pick up 3 "long-term defensive" stocks with good "inflation-linked" earnings, according to Freddie Lait, chief investment officer at Latitude Investment Management.

Lait, once a Goldman Sachs analyst, believes these stocks can grow 10-15% a year while acting as a hedge against inflation.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Is it too late to buy Nvidia shares? Here's what Wall Street says

The buzz around Nvidia shows no sign of abating, with the chip giant posting another quarter of multi-billion dollar revenue upside.

The company, which had already rocketed over 200% in 2023, rose 13% higher on the back of its earnings report. This year alone, it has risen around 58%, with Nvidia last closing around $785 on Thursday.

But just how far can Nvidia go? Here's what analysts are saying. CNBC Pro also scoured through reports this week to list the latest price targets given to Nvidia by major Wall Street banks.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are set to open lower Monday.

The U.K.'s FTSE 100 index is expected to open 15 points lower at 7,695, Germany's DAX down 41 points at 17,374, France's CAC 29 points higher at 7,946 and Italy's FTSE MIB down 68 points at 32,669, according to data from IG. 

Earnings are due from Bunzl. Data releases include euro zone loans to households for January.

— Holly Ellyatt