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Despite persisting worries about inflation and concerns about slowing global growth, European stocks closed broadly higher on Monday, led by gains in energy section. <\/p>\n
Activity was a bit subdued as US market remained closed for the July Fourth holiday.<\/p>\n
The pan European Stoxx 600 climbed 0.54%. The U.K.’s FTSE 100 surged 0.89% and France’s CAC 40 gained 0.4%, while Germany’s DAX slid 0.31%. Switzerland’s SMI ended 1.04% up.<\/p>\n
Among other markets<\/span> in Europe, Austria, Denmark, Finland, Iceland, Ireland, Netherlands, Norway, Poland and Sweden ended higher.<\/p>\n Belgium, Czech Republic, Spain and Turkey closed weak, while Greece and Russia ended flat.<\/p>\n In the UK market, Harbour Energy gained 5.2% and BP rallied nearly 4.5%. Endeavour Mining, Shell, Auto Trader Group, Fresnillo and BT Group gained 2.7 to 4%.<\/p>\n Hikma Pharmaceuticals, LSE, Glencore, Rentokil Initial, Next, Airtel Africa, Aveva Group, Mondi, DCC, Barclays and Bunzl ended higher by 1.5 to 2%.<\/p>\n Ocado Group, Entain, JD Sports Fashion, Whitbread and WPP shed 2 to 3.6%. <\/p>\n Grafton Group plunged nearly 8%. The building materials supplier announced that Gavin Slark would step down as Chief Executive Officer later this year after eleven years in the role.<\/p>\n In the French market, Sodexo surged nearly 3.5%. Teleperformance, Carrefour, Air Liquide, Valeo, Legrand, WorldLine and LVMH gained 1 to 2%.<\/p>\n Atos plunged more than 10%. Publicis Groupe lost about 6.5%, while Unibail Rodamco, Faurecia, Essilor and Capgemini lost 2.5 to 4%.<\/p>\n In Germany, Qiagen, Symrise, Deutsche Boerse, Munich RE, BASF, Siemens and Sartorius gained 1.5 to 2%. Henkel, HeidelbergCement, Siemens Healthineers and Deutsche Bank also ended notably higher.<\/p>\n Vonovia ended more than 5% down. Deutsche Wohnen closed lower by nearly 4% and Zalando declined 3.8%. Daimler, Infineon Technologies, HelloFresh, MTU Aero Engines, Porsche Automobil, Puma, SAP and RWE also ended notably lower.<\/p>\n In the Swiss market, shares of Chipmaker AMS Osram AG plummeted nearly 8% after JP Morgan downgraded the stock to “neutral” from “overweight.”<\/p>\n In economic news, Germany’s trade balance registered a deficit in May on an unexpected fall in exports, data from Destatis showed.<\/p>\n Exports dropped 0.5% on a monthly basis in May, reversing April’s 4.4%. Shipments were forecast to grow 0.9%.<\/p>\n Data released by Eurostat showed Eurozone producer prices climbed 36.3% year-on-year in May, following a 37.2% rise in April. Economists had forecast inflation to ease to 36.7%. A 94.4% surge in energy prices was largely responsible for overall inflation in May.<\/p>\n Eurozone investor confidence weakened notably to a 26-month low in July, raising fears of a recession, results of a closely-watched survey showed. The investor confidence index slid more-than-expected to -26.4 in July from -15.8 in June, the survey by the behavioral research institute Sentix revealed.<\/p>\n After improving sharply in June, the score was expected to fall moderately to -19.9. The latest reading was the lowest since May 2020.<\/p>\n Data from the Federal Statistical Office showed Switzerland’s consumer price inflation rose to the highest level since 1993, as prices rose by more-than-expected 3.4% year-on-year in June, following a 2.9% increase May. Economists had expected the rate to climb to 3.2%. <\/p>\n On a monthly basis, consumer prices rose 0.5% in June, after a 0.7% increase in the previous month. Economists had forecast a rise of 0.3%. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n