European markets start the week mixed; Richemont up 5%

This is CNBC's live blog covering European markets.

European markets were mixed at the start of the new trading week, following positive momentum seen last week.

The Stoxx 600 index was 0.02% higher at 8:15 a.m. London time. Mining stocks were up 0.88% as technology stocks fell 0.36%.

Global markets got a boost last week after U.S. inflation data came in softer than expected for April, bolstering hopes that the U.S. Federal Reserve could begin cutting rates later in the year.

Among individual stocks, Swiss luxury goods group Richemont led gains, up 5.3%. That extended Friday's strong gains on its reporting of record sales and announcement of a new CEO.

U.S. stock futures ticked higher on Sunday night, after the Dow Jones Industrial Average closed above the key 40,000 level for the first time ever on Friday.

Meanwhile, Asia-Pacific markets mostly rose overnight, tracking Wall Street gains, as investors await economic data from across the region this week, including Japanese inflation and business activity figures.

Stocks have rallied to record highs recently, but Wells Fargo is expecting this trend to turn on its head.

Analyst Christopher Harvey pointed out that the "bad news = good news" narrative has pushed the major stock indexes to new records. However, he believes the market is unlikely to continue pushing higher consistently, at least for now.

"Expect near-term choppiness with a late-year rally toward our SPX 5535 target," he wrote.

Harvey's year-end S&P 500 target represents a 4.5% move upward for the benchmark.

— Lisa Kailai Han

Softer economic data in recent weeks bolsters the argument that investors may finally receive some much-anticipated rate cuts in 2024, UBS argued in a Friday note.

"We continue to believe recent