February 8, 2023

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European Stocks Close On Strong Note

2 min read

European stocks closed on a strong note on Monday, tracking gains in Asian and the U.S. markets amid reports the U.S. is mulling lifting some tariffs on China to fight inflation.

Loosening of Covid-19 restrictions in Beijing and improved Caixin Services PMI data for May from China contributed as well to the positive mood in European markets.

Investors looking ahead to the release of U.S. inflation data later this week, also await a European Central Bank policy meeting later this week for confirmation whether the central bank will raise rates at the July 21 policy meeting.

The pan European Stoxx 600 climbed 0.92%. The U.K.’s FTSE 100 advanced 1%, Germany’s DAX surged up 1.34% and France’s CAC 40 moved up 0.98%. The Switzerland market was closed for a holiday.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Ireland, Netherlands, Poland, Portugal, Spain and Turkey closed higher.

Czech Republic, Iceland, Russia and Sweden ended weak, while Czech Republic and Norway closed flat.

In the UK market, Prudential, Rolls-Royce Holdings, Endeavour Mining, Ocado Group, SSE, Melrose Industries, Informat, Rio Tinto, Ashtead Group, Coca-Cola HBC, Anglo American Plc, ICP and Glencore gained 3 to 5%.

Fresnillo, Persimmon, Rentokil Initial, Diageo, ABRDN, Royal Mail and Hargreaves Lansdown also moved up sharply.

AstraZeneca drifted down more than 2.5%. BT Group, Bunzl, Standard Chartered and Vodafone Group shed 4 to 1%.

In the French market, Faurecia soared nearly 10%. Valeo surged up 7%. Renault, Air France-KLM, Societe Generale, Airbus Group, Atos, Safran, Unibail Rodamco, WorldLine and L’Oreal gained 2 to 3.5%.

Publicis Groupe, AXA, Accor, CapGemini, ArcelorMittal, Credit Agricole and BNP Paribas also ended sharply higher.

In Germany, HelloFresh climbed nearly 7%. Continental, Zalando, Deutsche Bank, MTU Aero Engines and Deutsche Post gained 2.5 to 4.3%.

Allianz, HeidelbergCement, Linde, Munich RE, Siemens, Vonovia, Merck, SAP, RWE, Qiagen, Bayer, Daimler and…

2022-06-06 13:03:06

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