European Stocks Close Higher
European stocks closed firmly higher on Monday as markets continued to assess European rates outlook and the latest corporate news. The STOXX 50 added 0.9% to close at 5,367 and the pan-European STOXX 600 added 0.6% to 553.
Heavyweight banks closed sharply higher as yield spreads within Eurozone nations narrowed, trimming fragmentation concerns that arose in the last weeks ahead of the expected dissolving of the French parliament. Prime Minister François Bayrou is widely expected to lose a confidence vote today as the government rejects the current budget proposal, injecting political risk and likely increasing deficits in the country.
Santander, ING, and Nordea jumped over 1%. ASML jumped 2.5% with a boost on the global chip sector, in addition to news that it will become the largest shareholder in Mistral AI. In the meantime, industrial giants also advanced with Siemens, Airbus, and Schneider jumping 2%.
Source: Trading Economics