European Stocks Close Higher Again

(RTTNews) - European stocks closed modestly higher on Monday with investors assessing inflation and growth outlook and focusing on the earnings season.

Data from Destatis showed German wholesale price inflation eased to 12.8% in December from 14.9% in November. This was the slowest rate since August 2021, when prices moved up 12.3%.

Month-on-month, wholesale prices were down 1.6 percent, bigger than November's 0.9% fall.

The World Economic Forum kicked off today in Switzerland, with the war in Ukraine, economic instability and uncertainty and climate change on the agenda.

The pan European Stoxx 600 gained 0.46%. The U.K.'s FTSE 100 advanced 0.2%, Germany's DAX surged 0.31% and France's CAC 40 climbed 0.28%. Switzerland's SMI ended 1.29% up.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Greece, Poland, Russia, Sweden and Turkiye ended higher.

Iceland, Norway and Portugal closed weak, while Finland, Ireland, Netherlands and Spain ended flat.

In the UK market, Ocado Group climbed about 5.2%. Spirax-Sarco Engineering, BT Group, Prudential, Taylor Wimpey, Intertek Group and Unite Group gained 2 to 2.75%.

ABRDN, St. Jame's Place, Halma, Associated British Foods, WPP, Experian, British Land, Vodafone Group, Kingfisher, Barratt Developments, Segro, Smurfit Kappa Group and Persimmon also ended sharply higher.

Beazley drifted down 3.65%. Rio Tinto ended nearly 2%. Rolls-Royce Holdings, Johnson Matthey, National Grid, Glencore and Admiral Group lost 1 to 2%.

In Paris, Carrefour surged more than 4.5%. Thales, Veolia, Teleperformance, Saint Gobain, Michelin, Publicis Groupe, Air Liquide, Credit Agricole, Capgemini and LVMH gained 1 to 3%.

Orange ended 2.5% down. Hermes International and Airbus also ended notably lower.

In the German market, Vonovia, Deutsche Wohnen, Zalando, Fresenius Medical Care, Adidas, Covestro and Deutsche Post gained 2 to 4%. Fresenius, HeidelbergCement, Puma and Deutsche Bank gained 1 to 1.7%.

HelloFresh dropped more than 5%. RWE ended lower by about 1.6%.

In the Swiss market, Temenos surged nearly 9% as CEO Max Chuard quit the software company under pressure from activist shareholders.

Geoeconomic fragmentation would cost the global economy up to 7% of economic output and this could go up to 12% in some countries in case of additional technological decoupling, the staff report from the International Monetary Fund showed Monday.

Global employment growth is expected to ease to half of the current growth rate in 2022, as labor market recovery may be prevented by uncertain economic conditions amid persisting Covid pandemic conditions, the International Labour Organization, or ILO, said on Monday.

Growth in global jobs is forecast to drop to 1% in 2023 from 2% in 2022, the Geneva-based ILO said in its World Employment and Social Outlook: Trends 2023 report.

The global job growth forecast for 2023 is lower than the previous ILO estimate of 1.5% growth.