European Markets Rebound On Monday

(RTTNews) - The major European stock markets spent most of Monday's trading session in the green, staging a recovery from uncertainty and heavy selling last week.

Traders looked to scoop up bargains after the markets suffered their worst weekly performance this year last week on concerns the Federal Reserve will keep raising rates to tame inflation.

Germany's DAX climbed 171.69 points or 1.13 percent to finish at 15,381.43, while London's FTSE added 56.45 points or 0.72 percent to close at 7,935.11 and the CAC 40 in France rallied 108.28 points or 1.51 percent to end at 7,295.55.

In Germany, Deutsche Bank spiked 2.27 percent, while Heidelberg Cement rallied 2.00 percent, Allianz jumped 1.79 percent, Covestro improved 1.59 percent, Deutsche Telekom climbed 1.53 percent, Deutsche Post advanced 0.70 percent, Infineon Technologies added 0.64 percent, Deutsche Borse rose 0.48 percent and BASF lost 0.37 percent.

In London, Rolls-Royce skyrocketed 6.59 percent, while Persimmon surged 3.08 percent, Tesco spiked 2.96 percent, Prudential accelerated 2.88 percent, Rightmove rallied 1.69 percent, M&G tumbled 1.61 percent, Vodafone improved 1.55 percent, Rentokil advanced 0.97 percent, Haleon sank 0.90 percent, BAE Systems lost 0.57 percent, Centrica added 0.43 percent and British American Tobacco eased 0.11 percent.

In France, Atos surged 5.04 percent, while BNP Paribas spiked 2.46 percent, Societe Generale jumped 1.50 percent, Airbus and Legrand both improved 1.39 percent, Credit Agricole climbed 1.04 percent, Sanofi increased 0.71 percent, Carrefour gained 0.47 percent, Engie lost 0.40 percent, Orange fell 0.22 percent and Danone eased 0.04 percent.

In economic news, Eurozone economic sentiment fell marginally as the weakness in industry and services were partially offset by the increasing confidence in retail and among consumers, survey results from the European Commission showed on Monday.

Growth in the euro area bank lending continued to weaken and the narrow measure of money supply contracted for the first time on record, reflecting the impact of monetary policy tightening. The annual growth rate of credit to the private sector slowed to 3.8 percent from 4.3 percent in December, the European Central Bank reported Monday. The economic confidence index unexpectedly dropped to 99.7 from 99.8 in January, falling for the first time in three months. The reading was forecast to improve to 101.