European Stocks Close Broadly Higher On Fed Rate Cut Hopes, Ukraine Peace Talks

(RTTNews) - European stocks closed higher on Monday, lifted by renewed hopes of an interest rate cut by the Federal Reserve in December, and signs of progress in Ukraine peace talks.

Bank, mining and auto stocks were among the prominent gainers.

The pan European Stoxx 600 edged up 0.14%. Germany's DAX closed up by 0.64%, France's CAC 40 ended down by 0.29%, and the U.K.'s FTSE 100 edged down 0.05%. Switzerland's SMI climbed 0.17%.

Among other markets in Europe, Belgium, Czech Republic, Finland, Greece, Iceland, Ireland, Poland, Spain and Sweden ended higher.

Denmark, Norway, Russia and Turkiye closed weak, while Netherlands and Portugal ended flat.

In the UK market, Fresnillo soared more than 9%. Endeavour Mining gained 4.2% and Glencore climbed 2.5%.

Easyjet, Standard Chartered, Polar Capital Technology Trust, IAG, The Sage Group, St. James's Place, Pershing Square Holdings, Barclays, Persimmon and Intercontinental Hotels Group also closed with strong gains.

BAE Systems, Airtel Africa, Marks & Spencer, SSE, Imperial Brands, Diageo, RightMove, National Grid, Coca-Cola Europacific Partners, Next, Babcock International, Haleon and Unilever declined sharply.

In the German market, Bayer jumped more than 11% after reporting positive study results for its anticoagulant asundexian.

Siemens Energy climbed about 5.5%. Infineon gained nearly 4%. BMW, Deutsche Post, Siemens, Fresenius Medical Care, Qiagen, BASF, Porsche Automobil Holdings, Mercedes-Benz, Daimler Truck Holding, Volkswagen and Beiersdorf also posted impressive gains.

Rheinmetall ended down by about 4.7%. Deutsche Telekom, Deutsche Boerse and Henkel lost 1 to 1.6%.

In the French market, Stellantis climbed 3.5%. ArcelorMittal gained about 3.2%. Societe Generale, STMicroElectronics, Accor, Edenred, L'Oreal, Capgemini, Dassault Systemes, Legrand, Eurofins Scientific, Veolia Environment, Saint Gobain and Bouygues also closed on a firm note.

Pernod Ricard ended down by about 3.4%. Thales, Safran, Danone and Air Liquide were the other notable losers.

In economic news, results of a closely watched survey by the ifo institute showed German business confidence weakened in November as companies turned more pessimistic about outlook despite unprecedented fiscal policy U-turn.

The business climate index fell to 88.1 in November from 88.4 in October. The reading was expected to rise to 88.6.

The current situation indicator posted 85.6 in November, up from 85.3 in the previous month. Economists had forecast the score to rise to 85.5.

On the other hand, the expectations index dropped more-than-expected to 90.6 from 91.6 a month ago. The reading was seen at 91.4.