European Stocks Inch Higher
European stocks closed slightly higher on Monday, tracking a general positive tone as markets continued to assess the latest corporate news and rates outlook. The Eurozone’s STOXX 50 added 0.3% and the pan-European STOXX 600 advanced 0.4%.
Shares of AstraZeneca jumped 1% as the drugmaker plans direct listing on the New York Stock Exchange, replacing its current ADR structure. GSK increased 2.3% after appointing a new CEO and Lufthansa inched higher after saying its free cash flow would generate over €2.5 billion a year as it set earnings targets of 8%-10% over the next two years.
In the meantime, base metal miners rallied on higher prices for copper and aluminum, with Antofagsta, Glencore, Rio Tinto, and Anglo American jumping between 2% and 6%. On the data front, preliminary figures showed inflation in Spain accelerated in September, backing bets of no more changes to key rates by the ECB this year.
Source: Trading Economi