European Shares Inch Higher As Investors Look To ECB

RTTNews | 909 hari yang lalu

(RTTNews) - European stocks were broadly higher on Monday as Middle East tensions eased, and investors looked ahead to an ECB policy meeting and key U.S. inflation data due later this week for important clues on the interest rate path.

Meanwhile, investors cheered data showing that German industrial production rose more than expected in February, helped by a recovery in the construction and car industry.

Germany's industrial output posted a monthly growth of 2.1 percent, following a revised 1.3 percent rise in January, Destatis reported.

This was much faster than economists' forecast of 0.3 percent expansion. On a yearly basis industrial production plunged 4.9 percent after easing 5.3 percent a month ago.

Elsewhere, separate data revealed that Eurozone investor morale rose for the sixth consecutive month to hit a two-year high in April.

Sentix's index for the euro zone improved to -5.9 points from -10.5 in March. The reading beat forecasts for a score of -8.5 and marked its highest level since February 2022.

The Expectations Index rose from -2.3 in the previous month to 5.0 while the index on the Current Situation rose to -16.3 from -18.5 in March.

The pan European STOXX 600 edged up 0.1 percent to 507.15 after falling 0.8 percent on Friday.

The German DAX and France's CAC 40 both rose about 0.4 percent while the U.K.'s FTSE was little changed amid ongoing concerns over an extended downturn in China's property market.

Mining giant Anglo American rose 1.3 percent, Antofagasta added half a percent and Glencore climbed 1.4 percent as Shanghai copper prices jumped to a record high following supply cuts and positive demand prospects.

Entain rallied 3.4 percent after reports that private equity outfit Apollo was mulling a break-up bid for the troubled sports betting and gaming group.

German automaker BMW gained 1.6 percent, Mercedes Benz climbed 2.6 percent and Volkswagen added 0.6 percent.

Online fashion retailer Zalando jumped nearly 4 percent after brokerage Citigroup raised its rating on the stock.

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EURUSD	1.1253	GBPUSD	1.3241
USDJPY	157.845	USDCAD	1.4248