European stocks ended higher on Monday although buying interest remained somewhat subdued in most of the markets in the continent amid lingering concerns about rising coronavirus cases and lockdown measures.
The European Commission recently warned that the European Union is at the start of a third wave of the pandemic.
Optimism about growth in the world’s largest economy supported the markets.
The pan European Stoxx 600 edged up 0.16%. Germany’s DAX climbed 0.47%, France’s CAC 40 gained 0.45%, the U.K.’s FTSE 100 ended 0.07% down and Switzerland’s SMI slid 0.24%.
Among other markets in Europe, Denmark, Finland, Greece, Iceland, Netherlands, Norway, Poland, Portugal, Russia and Turkey ended on positive note.
Austria, Czech Republic, Ireland and Sweden closed weak, while Belgium and Spain settled flat.
In the French market, Kering, Air Liquide, Total, Publicis Groupe, Orange, Pernod Ricard, Veolia, Essilor, Sanofi and Engie gained 1 to 2%, while Societe Generale and BNP Paribas declined sharply.
In Germany, E.ON, BMW, Deutsche Telekom, Beiersdorf, SAP, Henkel and Continental gained 1 to 2.5%, while Deutsche Bank and Deutsche Wohnen ended sharply lower.
In the UK market, Renishaw, Reckitt Benckiser, BT Group, United Utilities, Severn Trent, British American Tobacco, AstraZeneca, Diageo, Unilever, Smith & Nephew and Burberry Group gained 1 to 4%.
On the other hand, Flutter Entertainment, Persimmon, Smiths Group, Entain, Barratt Developments, RightMove, Fresnillo, Antofagasta and Vodafone lost 2 to 3.3%.
In the Swiss market, Credit Suisse shares slumped as much as 14% after the bank warned of a “highly significant” hit to results due to its exposure to a single, unnamed client.
On a light day on the economic front, central bank data out of U.K. showed that mortgage borrowing increased the most since 2016.
According to Bank of England, U.K. mortgage borrowing strengthened in February with individuals borrowing an additional GBP 6.2 billion secured on their homes as the temporary stamp duty tax relief has been extended to the end of June.
The number of mortgage approvals declined to 87,669 in February from 97,350 in January. The expected level was 95,000.
European Stocks Close Higher After Cautious Session
2021-03-29 18:03:21
