European markets were slightly lower in mid-morning deals but heading for their longest winning streak in three years.
The pan-European Stoxx 600 was 0.05 percent lower with the different sectors moving in opposite directions. Basic resources led the gains, up by 1.2 percent, on earnings. The world’s largest steelmaker ArcelorMittal jumped 2.3 percent after beating first-quarter expectations.
Looking at individual stocks, Sika shares were up by 8 percent, putting among the top-performing companies across Europe. This was after news that it struck an agreement with Saint-Gobain to end a legal dispute.
Shares of Daily Mail General Group have eased since the open, trading during mid-morning higher by 2.1 percent. Its shares had initially jumped following news that Zoopla agreed to be bought by Silver Lake. The Daily Mail has a large stake in the U.K. property firm. The deal has also driven higher the shares of other U.K. property firms, including Rightmove, which jumped more than 6 percent.
The several mergers and acquisitions involving European companies have pushed shares in the region. As a result, the pan-European index was on course for its seventh straight week of gains — the longest on record since March 2015.
Meanwhile, oil prices have come off slightly after consecutive increases. In mid-morning trade in Europe, Brent hovered around $77.38 per barrel, while U.S. crude sat around the $71.42 mark.
No major economic data is scheduled to be published. In terms of events, European Central Bank President Mario Draghi is to address an audience in Florence, Italy, in the early afternoon.