European Markets Climb Led By Energy Stocks
European shares edged higher on Monday, though overall trading activity remained muted due to a U.S. market holiday.
Germany’s trade balance registered a deficit in May on an unexpected fall in exports, data from Destatis showed earlier today.
Exports dropped 0.5 percent on a monthly basis in May, reversing April’s 4.4 increase. Shipments were forecast to grow 0.9 percent.
Eurozone producer price data is awaited later in the session.
The pan European Stoxx 600 climbed 0.8 percent to 410.21 after closing flat with a negative bias on Friday.
The German DAX inched up 0.2 percent, France’s CAC 40 index added 0.7 percent and the U.K.’s FTSE 100 was up 0.9 percent.
TotalEnergies, BP Plc and Shell jumped 2-3 percent as crude prices reversed losses amid concerns of tight supply and lower OPEC output.
Grafton Group plunged 6.7 percent. The building materials supplier announced that Gavin Slark would step down as Chief Executive Officer later this year after eleven years in the role.
Chipmaker AMS Osram AG plummeted 7.5 percent after JP Morgan downgraded the stock to “neutral” from “overweight.”
Budget airline Ryanair Holdings edged down slightly and Wizz Air fell 2.5 percent after unveiling their passenger traffic figures for the month of June.
Airbus was little changed despite confirming the signature of orders with Air China, China Eastern, China Southern, and Shenzhen Airlines for a total of 292 A320 Family aircraft.
Spirax-Sarco Engineering jumped nearly 3 percent. The valve maker said it has entered into exclusive negotiations with a view to acquire the Vulcanic Group of Companies from Qualium for consideration of 261.7 million euros on a cash and debt free basis.
Tesco gained around 1 percent after commencing a shar buyback program.
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