Supported by the travel and leisure sector.. European stocks closed higher

2023-07-10 18:10:02

European stocks rose on Monday, supported by travel and leisure stocks, which led gains, helping to limit the impact of weak inflation data from China, which highlighted slowing demand in the world’s second-largest economy.

Chris Beauchamp, chief market analyst at the online trading platform “IG”, said, “The stocks recovered during Monday’s trading. Today the gloomy atmosphere that prevailed on Friday has somewhat improved and stocks tried to regain some of their lost gains.”

Monday’s data showed that producer prices in China fell at the fastest pace in seven and a half years in June, while consumer prices teetered on the brink of deflation, underscoring the need for more stimulus to revive demand.

Mining stocks with exposure to China fell 0.6 percent as metal prices fell.

Novo Nordisk stock also fell, adding pressure on the STOXX 600 index.

Recently, European stocks have been pressured by hawkish monetary messages from policymakers at the European Central Bank, and strong US economic data has raised concerns that interest rates will remain high for longer.

price movements

The Stoxx 600 index closed up 0.2 percent, following recording its worst weekly performance in nearly four months at its close on Friday.

Travel and leisure shares rose 1.3%, trying to recover from declines of more than 4% last week.

Bayer shares rose 1.6 percent, following a report indicated that the German drug giant may spin off its CropScience unit before it goes public.

Shares in “Vilburgs Fastehter” fell 7.8 percent, following the Swedish real estate company announced its results for the first half, and indicated an uncertain outlook for the Swedish economy.

Scout24 also fell 3.1 percent, following UBS downgraded the online real estate platform to “sell,” citing pressure on the German housing market.

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