{"id":47756,"date":"2024-06-03T17:12:02","date_gmt":"2024-06-03T17:12:02","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/06\/03\/european-stocks-close-broadly-higher-16\/"},"modified":"2024-06-03T17:12:02","modified_gmt":"2024-06-03T17:12:02","slug":"european-stocks-close-broadly-higher-16","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/06\/03\/european-stocks-close-broadly-higher-16\/","title":{"rendered":"European Stocks Close Broadly Higher"},"content":{"rendered":"
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European markets<\/span> closed largely higher on Monday with investors picking up stocks, looking ahead to the European Central Bank’s monetary policy announcement due later in the week.<\/p>\n

There are expectations that the ECB will deliver its first interest-rate cut of the cycle on Thursday.<\/p>\n

The pan European Stoxx 600 climbed 0.32%. Germany’s DAX gained 0.6% and France’s CAC 40 edged up 0.06%. The U.K.’s FTSE 100 ended down by 0.15%. Switzerland’s SMI crept up 0.05%.<\/p>\n

Among other markets in Europe, Austria, Belgium, Finland, Greece, Iceland, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye closed higher.<\/p>\n

Denmark and Russia ended weak.<\/p>\n

In the UK market, JD Sports Fashion, St. James’s Place, Entain, EasyJet, Land Securities, Ocado Group, IAG, 3i Group, Rightmove, Airtel Africa, M&G and National Grid gained 2 to 5%. <\/p>\n

Natwest Group, Frasers Group, BT Group, Coca-Cola HBC, Hikma Pharmaceuticals, Rolls-Royce Holdings and Kingfisher also ended sharply higher.<\/p>\n

GSK tanked nearly 10% after a state court in Delaware found legitimate evidence that links its Zantac heartburn drug to cancer, allowing more than 70,000 lawsuits over these cases.<\/p>\n

Ashtead Group ended down 2.8%. Pearson, BP, Severn Trent, Compass Group, ICG and Shell lost 1 to 1.7%.<\/p>\n

In the German market, RWE, Siemens Energy, Hannover Rueck, Qiagen, Porsche, Deutsche Telekom, SAP, Bayer, E.ON, Puma, Rheinmetall and Siemens gained 1 to 2.3%.<\/p>\n

Brenntag, Commerzbank, BASF, Sartorius, Siemens Heathineers and Henkel closed weak.<\/p>\n

In the French market, Carrefour rallied about 2.7%. Teleperformance, STMicroElectronics, Publicis Groupe, Orange, Kering, Air Liquide, Vivendi and Pernod Ricard gained 1 to 2.3%.<\/p>\n

TotalEnergies and Societe Generale declined sharply. Dassault Systemes, Legrand and L’Oreal also closed weak.<\/p>\n

On the economic front, downturn in the euro area manufacturing activity softened in May as production moved closer to stabilization and orders fell at a slower pace amid the rising business<\/span> sentiment, final HCOB survey results from S&P Global showed. <\/p>\n

The manufacturing Purchasing Managers’ Index rose to a fourteen-month high of 47.3 in May from 45.7 in April. The flash estimate was 47.4.<\/p>\n

The UK manufacturing sector returned to growth in May as production grew the most in more than two years on improved order intakes, final survey data released by S&P Global revealed.<\/p>\n

The manufacturing Purchasing Managers’ Index advanced to 51.2 in May from 49.1 in April. This was the highest reading since July 2022 but a tick below the initial estimate of 51.3. <\/p>\n<\/p>\n<\/div>\n