LONDON – European equities ended slightly higher on Monday, as a positive trend seen at the end of last week’s trading lost some of its momentum.
The pan-European Stoxx 600 index provisionally closed 0.6% higher after rising more than 1% at the start of the session. Mining stocks surged over 2%, leading gains.
In terms of individual stock price movements, Netherlands-based tech investor Prosus rose nearly 16% after announcing a plan to phase out its 28.9% stake in Chinese software titan Tencent.
It comes after Europe’s blue-chip index closed down 2.6% last Friday, marking its best day in more than three months.
However, despite a positive end to the trading week, last week saw more volatile trading as investors assessed the risks of rising inflation and fears of an economic recession.
Central banks around the world have already taken steps to combat inflation, which has been fueled by rising energy and food costs, not least caused by the war in Ukraine.
The prospect of more aggressive interest rate hikes by central banks has spooked markets, fueling fears of a recession that Federal Reserve Chair Jerome Powell told Congress last week as a “possibility” when he reiterated that the central bank was “firm “determined” to bring about this lower inflation.
Stocks were mixed on Wall Street, with the Dow Jones Industrial Average and S&P 500 both slightly higher, while the Nasdaq slipped slightly lower.
Elsewhere, investors will be watching Monday for more updates from the Group of Seven leaders’ summit. US President Joe Biden joined leaders from the world’s wealthiest democracies, including Canada, Britain, Germany, France, Italy and Japan, for the three-day summit beginning Sunday, which will see Ukraine and the global economy top the agenda .
As G-7 leaders gathered in Germany, the Ukrainian capital Kyiv was hit again by Russian missile attacks, a few months after Russian forces withdrew from the city to focus on eastern Ukraine, where they were in made significant progress in the last few weeks.
https://www.cnbc.com/2022/06/27/european-markets-open-to-close-data-earnings-g-7-ukraine.html European Markets Open-Close, Data, Earnings, G-7, Ukraine