A stock trader looks at a monitor in the trading room of the Frankfurt Stock Exchange. Concerns about new coronavirus mutations in southern Africa have dealt a major blow to German stocks.
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LONDON – European stocks got off to a positive start in the new trading week, buoyed by overnight gains in Asian shares and gains on Wall Street on Friday, but quickly pared gains.
Pan-European Stoxx 600 Index It opened 0.56% higher on Monday, but later gave up those gains and fell 0.2% in early trading. Banking and Household Products are the only sectors currently gaining ground, up 0.2% and 0.4% respectively.
From the perspective of individual stocks, Rio Tinto Shares in the company fell 0.26% after the miner confirmed it was in talks to acquire lithium producer Arcadium Lithium.
shares gas italia Italy’s largest natural gas distributor said it expected double-digit growth in net profit and core profit as part of a new plan, sending its shares down 0.4%, Reuters reported. This comes after the company signed a deal on Saturday to acquire rival 2i Rete Gas worth 5.3 billion euros ($5.8 billion).
In terms of European data on Monday, the Halifax House Price Index showed that UK house prices rose at the fastest annual rate since November 2022 in September.
Other data showed that retail sales in the euro zone increased slightly in August, up 0.2% from the previous quarter, consistent with the results of a Reuters survey. Jack Allen-Reynolds, deputy chief economist for the euro zone at Capital Economics, noted on Monday that “available data suggest that euro zone household spending was subdued in the third quarter and may well have fallen. .
European stocks looked set to extend the positive sentiment at the end of last week, with markets buoyed by the latest U.S. jobs report that beat expectations. Nonfarm payrolls data showed the U.S. economy added 254,000 jobs in September, higher than the 150,000 jobs estimated by economists surveyed by Dow Jones.
Asia Pacific market Most gains overnight, led by Japanese shares Nikkei 225 Index Stocks rose nearly 2% as investors anticipated decisions this week from the region’s central banks, including the Bank of Korea, the Bank of New Zealand and the Bank of India.
U.S. stock futures were muted late Sunday, with Friday’s stronger-than-expected jobs report raising the specter of a possible Fed “soft landing“For the U.S. economy.
