{"id":50509,"date":"2024-09-09T17:38:50","date_gmt":"2024-09-09T17:38:50","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/09\/09\/european-stocks-close-on-firm-note-16\/"},"modified":"2024-09-09T17:38:50","modified_gmt":"2024-09-09T17:38:50","slug":"european-stocks-close-on-firm-note-16","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/09\/09\/european-stocks-close-on-firm-note-16\/","title":{"rendered":"European Stocks Close On Firm Note"},"content":{"rendered":"
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European stocks closed on a firm note on Monday, rebounding from recent losses, as investors indulged in some strong buying at several counters ahead of European Central Bank’s monetary policy announcement, and U.S. inflation data, due later in the week.<\/p>\n

The U.S. Labour Department will release the consumer price index early Wednesday and the producer price index before Thursday’s open. Tame readings could give policymakers ammo for making a 50-bps rate cut on Sept. 18.<\/p>\n

In European economic news, the Eurozone Sentix Investor Confidence Index declined from -13.9 in August to -15.4 in September, the latest survey showed today. This was the third consecutive fall and reached the lowest since January 2024.<\/p>\n

Investors also shrugged off the results of another survey that showed Britain’s labour market cooled noticeably last month.<\/p>\n

The UK labor market conditions softened in August as permanent job placements declined sharply amid reduced demand for new staff and falling pay growth, a report compiled by S&P Global showed. Permanent staff placements declined for the 23rd straight month in August, the KPMG and REC, UK Report on Jobs survey.<\/p>\n

The pan European Stoxx 600 climbed 0.82%. The U.K.’s FTSE 100 gained 1.09%, Germany’s DAX ended 0.77% up, and France’s CAC 40 advanced 0.99%. Switzerland’s SMI closed up 0.61%.<\/p>\n

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

Greece, Iceland and Turkiye ended weak.<\/p>\n

In the UK market, Entain rallied 5.3% after the gambling group said its U.K. and Ireland online business<\/span> has returned to growth earlier than anticipated.<\/p>\n

Melrose Industries gained 4.15%. Diploma, Rolls-Royce Holdings, Croda International, Smith (DS), Experian, Whitbread and Coca-Cola HBC gained 2 to 3%.<\/p>\n

Lloyds Banking Group shares moved up sharply after the lender launched a \u00a3150m joint venture with the government body Homes England.<\/p>\n

Standard Chartered, Natwest Group, IMI, Diageo, National Grid, Lloyds Banking Group, British American Tobacco and JD Sports Fashion also ended sharply higher.<\/p>\n

Burberry Group dropped nearly 5%. Pearson, Reckitt Benckiser, Associated British Foods and Prudential lost 1 to 1.4%.<\/p>\n

In the German market, Sartorius surged 6.3%. Siemens Energy gained about 3.2%. Qiagen, Deutsche Bank, Deutsche Boerse, Commerzbank, Symrise, Deutsche Post, Allianz, Fresenius and HeidelbergCement climbed 1.2 to 2.5%.<\/p>\n

Adidas ended down 3% after Barclays downgraded its rating on the stock to “equal weight” from “overweight”.<\/p>\n

Siemens Healthineers, Bayer, BMW, Zalando, Vonovia and Henkel ended moderately lower.<\/p>\n

In the French market, Saint-Gobain, Air Liquide, Schneider Electric, TotalEnergies, Legrand, Edenred, Dassault Systemes, Teleperformance, Accor, Essilor, AXA, Sanofi and Airbus Group gained 1 to 2.5%.<\/p>\n

Kering, Renault, Engie, Unibail Rodamco and Orange closed with sharp to moderate losses. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n