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.
The dollar slid while Treasuries rose as investors weighed the implications of U.S. President Joe Biden’s exit from the presidential election race.
Amid growing calls within his Democratic Party for his stepping down, Biden endorsed his Vice-President Kamala Harris for the Democratic nomination.
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.
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%.
Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye all closed higher.
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.
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.
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%.
Ocado Group soared more than 12%. The grocery technology 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.
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.
Irish budget airline Ryanair tanked nearly 16% after reporting a 46 percent fall in quarterly profit.
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%.
Sartorius lost 2.2% and Fresenius Medical Care ended down 1.1%.
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%.
Swiss heating and ventilation solutions maker Belimo Holding AG surged nearly 17% after raising its sales guidance.
European Stocks Close On Firm Note
2024-07-22 17:14:06
