European stocks closed on a firm note on Monday, extending gains for a second straight session, amid rising expectations the Federal Reserve will be less aggressive at its upcoming meeting.
Investors also looked ahead to the European Central Bank’s policy meeting, scheduled to take place on Thursday. The ECP is likely to hike its policy rates by 25 basis points and signal a 50-basis point increase for September.
Italian Prime Minister Mario Draghi will address parliament on Wednesday after his resignation was rejected by the Country’s president.
The pan European Stoxx 600 gained 0.93%. The U.K.’s FTSE 100 climbed 0.9%, Germany’s DAX surged 0.74% and France’s CAC 40 moved up 0.93%, while Switzerland’s SMI advanced 0.26%.
Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Ireland, Netherlands, Norway, Poland, Portugal, Sweden and Turkey closed with strong gains.
Iceland and Spain ended modestly higher, while Russia closed weak.
In the UK market, Antofagasta, M&G, Burberry Group, Harbour Journey, Anglo American, Prudential, Glencore and Pershing Square Holdings gained 3 to 4.5%.
Rio Tinto, Ocado Group, Rolls-Royce Holdings, Barclays, Flutter Entertainment, BP, Shell, Kingfisher, Barratt Developments and JD Sports Fashion advanced 2.2 to 2.9%.
GSK plunged more than 19% after the drug maker spun of its consumer health business in the biggest listing in Europe for more than a decade.
Admiral Group tanked 7.65%. Aviva, Segro, Hikma Pharmaceuticals, Unilever and Compass Group shed 1 to 1.46%.
In the French market, Air France KLM, Societe Generale, Valeo, WorldLine, Kering, Veolia, Carrefour, Credit Agricole, Renault, ArcelorMittal, BNP Paribas and Vivendi gained 2 to 4%.
In Germany, Zalndo climbed more than 5%. Sartorius, Deutsche Bank, Continental, BASF, Volkswagen, Adidas, Brenntag, Porsche Automobil, Covestro, HeidelbergCement, Daimler and HelloFresh ended higher by 2 to 4%.
Merck drifted down more than 5%. Fresenius Medical Care ended lower by about 3.3%, while Fresenius, Qiagen and Siemens Healthineers closed lower by 1.3 to 1.8%.
Market Analysis
European Stocks Close Higher For 2nd Straight Day
2022-07-18 16:53:09
