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European stocks closed higher on Monday with investors assessing the likely impact of the latest political developments in the U.S. on global political and trade fronts.<\/p>\n
The dollar slid while Treasuries rose as investors weighed the implications of U.S. President Joe Biden’s exit from the presidential election race.<\/p>\n
Amid growing calls within his Democratic Party for his stepping down, Biden endorsed his Vice-President Kamala Harris for the Democratic nomination.<\/p>\n
Stocks advanced, rebounding after having suffered some sharp losses in the previous session following a global IT outage linked to issues at cybersecurity firm CrowdStrike.<\/p>\n
The pan European Stoxx 600 climbed 0.93%. The U.K.’s FTSE 100 gained 0.53%, Germany’s DAX ended up 1.29%, and France’s CAC 40 closed higher by 1.16%, while Switzerland’s SMI settled with a gain of 1.01%.<\/p>\n
Among other markets<\/span> in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye all closed higher.<\/p>\n In the UK market, Rentokil Initial soared nearly 8% on reports that former BT chief Philip Jansen is in talks to buy the British pest-control firm.<\/p>\n Entain ended more than 2% down. The British gambling group named Gavin Isaacs, former chief of U.S.-based lottery games and betting firm Scientific Games Corp, as its new CEO.<\/p>\n Burberry Group gained about 3.2%. Admiral Group, Intermediate Capital Group, Spirax Group, Aviva, Experian, Segro, Intertek Group, Coca-Cola HBC, National Grid, Scottish Mortgage, AstraZeneca, HSBC Holdings, M&G, Airtel Africa, Croda International and Legal & General advanced 1 to 2.5%.<\/p>\n Ocado Group soared more than 12%. The grocery technology<\/span> company announced that U.S. grocery retailer Kroger Co. (KR) has placed an order for a wide range of new automated technologies to roll out in Customer Fulfilment Centres across its network.<\/p>\n EasyJet dropped more than 7%. Endeavour Mining, Fresnillo, Next and Whitbread lost 1.4 to 2%. Associated British Foods, Persimmon, Schrodders and Rolls-Royce Holdings ended moderately lower.<\/p>\n Irish budget airline Ryanair tanked nearly 16% after reporting a 46 percent fall in quarterly profit.<\/p>\n In the German market, Bayer gained about 4%. Infineon and Deutsche Bank climbed 3.35% and 3.1%, respectively. Qiagen, Commerzbank, Deutsche Post, Daimler Truck Holding, Puma, Symrise, Siemens, BASF, BMW, Siemens Energy, Porsche and Deutsche Boerse gained 1.5 to 2.3%.<\/p>\n Sartorius lost 2.2% and Fresenius Medical Care ended down 1.1%. <\/p>\n In the French market, STMicroElectronics rallied nearly 3%. BNP Paribas, Essilor, Pernod Ricard, LVMH, Teleperformance, Schneider Electric, Safran, Edenred, Eurofins Scientific, Vinci, Saint-Gobain, Air Liquide, Thales, Sanofi, Stellantis, Legrand, Hermes International, Kering and L’Oreal ended higher by 1 to 2.5%.<\/p>\n Swiss heating and ventilation solutions maker Belimo Holding AG surged nearly 17% after raising its sales guidance. <\/p>\n<\/p>\n<\/div>\n