European Stocks Close Broadly Higher

(RTTNews) - European stocks closed broadly higher on Monday with investors evincing some buying interest at several frontline counters ahead of release of a slew of key economic data from the U.S., Europe and China.

Latest inflation data from China has stoked optimism about easing deflationary pressures in the world's second-largest economy.

The European Central Bank (ECB) is scheduled to announce its interest rate decision on Thursday. The ECB is expected to hike all three policy rates by 25 basis points, citing a weaker growth outlook and no clear evidence of a peak in core inflation. Few economists, however, predict it will be a close call.

The pan European Stoxx 600 climbed 0.34%. The U.K.'s FTSE 100 gained 0.25%, Germany's DAX ended 0.39% up, and France's CAC 40 surged 0.52%, while Switzerland's SMI ended higher by 0.22%.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Norway, Portugal, Spain and Sweden closed higher.

Greece, Iceland, Poland, Russia and Turkiye ended weak, while Netherleands settled flat.

In the UK market, Fresnillo, Just Eat Takeaway.com, Rio Tinto, Antofagasta, Smurfit Kappa Group, Vodafone, TUI, Anglo American Plc, M&G, Glencore, BHP, Easyjet and ITV gained 2 to 5%.

Persimmon, ITV, British American Tobacco, Royal Mail, Hargreaves Lansdown and Kingfisher also closed sharply higher.

British homebuilder Vistry soared 14% after reiterating its full-year guidance and announcing a £55 million ($68.8 million) share buyback.

Melrose Industries ended nearly 5% down. AstraZeneca drifted down by about 3.1% despite reporting encouraging initial results from the TROPION-Lung04 Phase Ib study evaluating datopotamab deruxtecan plus Imfinzi for the treatment of advanced non-small cell lung cancer.

Croda International and Compass Group lost 1.9% and 1.2%, respectively.

In the German market, Vonovia climbed more than 4% and Covestro surged nearly 4%. Daimler Truck, Bayer, Commerzbank, Qiagen, Deutsche Bank, Munich, Continental, Deutsche Telekom, Siemens Energy, Siemens Healthineers and Zalando advanced 1 to 2.5%.

Hannover Rueck gained more than 2%. The German reinsurance firm said that it expects a further price increase in the global reinsurance market, citing ongoing geopolitical issues, increasing frequency and severity of natural catastrophe losses as well as high inflation.

MTU Aero Engines plunged 12%. Sartorius, SAP and Symrise also ended notably lower.

In Paris, Stellantis, Alstom, BNP Paribas, Renault, Sanofi, Unibail Rodamco, Credit Agricole, Michelin, Danone, Orange and Safran gained 1 to 2.3%.

Societe Generale edged higher after it announced a strategic partnership with Brookfield Asset Management to originate and distribute high-quality private credit investments through a private investment grade debt fund.

Legrand dropped about 2.9% and Airbus Group ended lower by 1.3%.