European Markets Flat, Asia Gains

David McHugh

LONDON -- European stocks searched for direction Monday, closing little changed amid ongoing concerns about the sustainability of recent market gains. Asian shares rose, shrugging off reports of a nuclear test by North Korea.

Germany's DAX index of blue chips closed down 0.3% at 4918.45, while the French CAC-40 index rose 0.2% to 3236.16. The London and New York stock exchanges were closed for national holidays, a bank holiday in Britain and Memorial Day in the United States.

Shares in Europe recovered in the afternoon after falling after the open on news that that closely watched Ifo institute's survey of German business confidence rose less than expected in May. Sluggish demand weighed on construction and manufacturing in Europe's largest economy as the index increased to 84.2 points in May from 83.7 points in April. ...