European stocks traded higher on Monday ahead of this week’s U.S. presidential debate and France’s snap parliamentary election.
The dollar slipped and bond yields eased as investors await key U.S. inflation data and comments from Federal Reserve officials this week for clarity on the Fed’s rate path.
The pan European STOXX 600 was up half a percent at 517.76 after falling 0.7 percent on Friday.
The German DAX was up 0.6 percent despite a measure of Germany’s business sentiment softening in June.
France’s CAC 40 climbed 0.8 percent ahead of the first round of French parliamentary elections this week.
The U.K.’s FTSE 100 was up 0.6 percent ahead of the release of key U.K. GDP data later in the week.
In corporate news, Belgian pharmaceutical company argenx soared 7.3 percent after receiving approval from the U.S. health regulator for Vyvgart Hytrulo, a treatment for chronic inflammatory demyelinating polyneuropathy.
Prudential shares surged 5.5 percent in London after the insurer launched a $2 billion share buyback program.
Britvic jumped 8 percent as Carlsberg AS secured the agreement of PepsiCo Inc for a potential £3.1 billion ($3.9 billion) takeover of the British soft drinks manufacturer.
GSK rose more than 1 percent after Japan approve its Omjjara (momelotinib) for the treatment of myelofibrosis.
Safran rose 1.5 percent in Paris after it entered into exclusive discussions to acquire 100 percent of Preligens for an enterprise value of 220 million euros.
Valneva SE jumped 8.5 percent after Health Canada approved IXCHIQ, the company’s single-dose vaccine for the prevention of disease caused by the chikungunya virus in individuals 18 years of age and older.
Eurofins Scientific plummeted 22 percent after research firm Muddy Waters recommended a “short” position on the stock.
German automakers BMW, Mercedes Benz and Volkswagen rallied 2-3 percent after China and the European Union have agreed to start talks on the bloc’s plans to impose tariffs on electric vehicles imported from the Asian nation.
Online retailer Zalando plunged 5.6 percent after Morgan Stanley cut its rating on the stock to “equal weight” from “overweight”.
Market Analysis
European Shares Edge Higher As Yields Dip Ahead Of US Inflation Data
2024-06-24 09:34:27
