European stocks rose on Monday as investors pinned hopes for a diplomatic solution to end a weeks-long conflict.
The next round of peace talks is scheduled for today with officials on both sides offering cautious optimism.
“There are certain positive shifts, negotiators on our side tell me,” Russian President Vladimir Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko on Friday.
The pan European Stoxx 600 jumped 1.5 percent to 437.58 after rising about 1 percent on Friday.
The German DAX jumped 3 percent, France’s CAC 40 index surged 2.2 percent and the U.K.’s FTSE 100 was up 0.6 percent.
DEUTZ soared 8 percent. The internal combustion engine manufacturer increased its revenue by almost 25 percent in fiscal 2021 and improved EBIT margin before exceptional items by around 8 percentage points to 2.3 percent.
Automakers surged the most, with Volkswagen rising nearly 7 percent after the German company doubled its operating profit.
Dutch tech investor Prosus, which owns a stake in China’s Tencent, lost 10.5 percent as the relentless sell-off in Chinese technology stocks continued in Hong Kong on regulatory concerns.
AstraZeneca shares rose over 1 percent. The pharmaceutical company said its cancer drug Lynparza, developed along with Merck has been approved by the U.S. FDA for the treatment of early stage breast cancer.
Bodycote added nearly 2 percent. The thermal processing services provider Bodycote said that it had made “good progress” in 2021, with both revenues and profits growing throughout the year.
Mining giant Rio Tinto tumbled 3.7 percent after it proposed to buy the 49 percent of Canada’s Turquoise Hill.
Insurer Phoenix Group gained 1.8 percent after it announced record financial results for 2021.
Luxury sports car maker Aston Martin Lagonda Global Holdings rallied 3.6 percent. The company confirmed that Doug Lafferty will join the Group as new CFO on May 1, to replace Kenneth Gregor.
Market Analysis
European Shares Climb On Hopes For Ukraine Talks
2022-03-14 10:09:39
