{"id":24577,"date":"2022-08-08T16:50:07","date_gmt":"2022-08-08T16:50:07","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/08\/08\/european-stocks-close-higher-amid-slightly-easing-fears-over-recession\/"},"modified":"2022-08-08T16:50:07","modified_gmt":"2022-08-08T16:50:07","slug":"european-stocks-close-higher-amid-slightly-easing-fears-over-recession","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/08\/08\/european-stocks-close-higher-amid-slightly-easing-fears-over-recession\/","title":{"rendered":"European Stocks Close Higher Amid Slightly Easing Fears Over Recession"},"content":{"rendered":"
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European stocks closed higher on Monday with investors weighing economic data from the region and the U.S., and continuing to digest quarterly earnings announcements and other corporate news.<\/p>\n

With recent strong data from the U.S. and the euro area turning out to be fairly encouraging, worries about recession have eased a bit, lifting investor sentiment.<\/p>\n

After the July surge in U.S. non-farm payroll employment raised the odds of a third 75 basis-point rate hike in September, investors now looked ahead to the release of U.S. inflation data and U.K. GDP data this week for further direction.<\/p>\n

The pan European Stoxx 600 climbed 0.74%. The U.K.’s FTSE 100 surged 0.57%, Germany’s DAX advanced 0.84% and France’s CAC 40 moved up 0.8%, while Switzerland’s SMI gained 0.39%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Iceland, Ireland, Netherlands, Poland, Portugal, Russia, Spain, Sweden and Turkiye ended with sharp to moderate gains.<\/p>\n

Denmark and Norway closed weak.<\/p>\n

In the UK market, Hargreaves Lansdown rallied 7.2%. Rolls-Royce Holdings climbed nearly 4.5%, while Endeavour Mining, ABRDN, Smith (DS), Prudential, JD Sports Fashion, Smurfit Kappa Group, Mondi, Coca-Cola HBC, Flutter Entertainment, 3I Group, Fresnillo and Melrose Industries gained 2 to 4%.<\/p>\n

RS Group drifted down 2.35%. AstraZeneca, Avast, Centrica and Pearson also ended notably lower.<\/p>\n

Page Group shares slumped more than 7% after the company reported a 79.3% jump in half-year operating profit. The recruiter also noted a “slight slowing in time to hire” in July across some of its markets.<\/p>\n

In the German market, E.ON, Daimler, HelloFresh and Deutsche Wohnen gained 2.5 to 3%. RWE, Adidas, Continental, BMW, BASF, Vonovia, MTU Aero Engines, Munich RE, Henke, Symrise and Sartorius gained 1.2 to 2.2%.<\/p>\n

In Paris, Faurecia gained nearly 6.5%. Valeo moved up nearly 5%. Veolia, Publicis Groupe, Teleperformance, Pernod Ricard, Accor, AXA and Kering advanced 1.5 to 2%.<\/p>\n

Air France-KLM, Sanofi, STMicroElectronics and BNP Paribas shed 0.7 to 1.25%.<\/p>\n

In European economic news, Eurozone investor confidence improved in August but less than expected suggesting that the economy<\/span> is undergoing a downturn, results of a closely-watched survey showed.<\/p>\n

The investor confidence index rose to -25.2 in August from -26.4 in July. Nonetheless, the reading was below economists’ forecast of -24.7.<\/p>\n

Data from the State Secretariat for Economic Affairs, or SECO, Switzerland’s unemployment rate held steady in July after falling in the previous month. <\/p>\n

The unadjusted unemployment rate came in at 2% in July, the same rate as in June. In the corresponding month last year, the jobless rate was 2.8%.<\/p>\n

Data also showed that the seasonally adjusted jobless rate remained unchanged at 2.2% in July. <\/p>\n<\/p>\n<\/div>\n