On Monday, European stocks advanced despite the lingering concerns about inflation and its impact on global growth.
The pan-European Stoxx 600 gained 0.74% or 3.19 points to the 434.29 level. Consequently, basic resources jumped roughly 2.00% to lead gains as all sectors and major bourses entered positive territory.
Siemens Gamesa surged 6.63% or 1.18 points to $18.98 per share, leading the European stocks. The upturn came after the wind engineering company offered to buy all outstanding shares of the renewables firm for $4.29 billion.
Similarly, Virgin Money increased 4.64% or 8.60 points to $184.50 per share. The financial services business extended its Friday gain of 1.00% to $177.09 per share.
Then, Powszechny Zaklad, Poland’s oldest insurance company, also hiked 4.85% or 0.34 points to $7.32 per share.
Moreover, benchmark EURO STOXX 50 elevated 0.44% or 16.01 points to the 3,673.04 mark.
On Friday, European stocks closed higher but still logged a negative week on worries about the recession risks.
Investors now look forward to the World Economic
Forum in Davos this week. This event will bring together political and business leaders across the globe.
Subsequently, this year’s summit comes after several years of the Covid-19 pandemic and amid Russia’s invasion of Ukraine. Therefore, market participants expected the meeting to feature these conflicts at the top of the agenda.
German shares jump as European stocks rise
Furthermore, German shares also posted gains in line with the upward movement from the European stocks.
The MDAX Performance index accelerated 0.76% or 222.02 points to the 29,421.97 level. Eventually, the benchmark DAX 40 rose 0.65% or 90.19 points to the 14,072.10 level.
In the United Kingdom, the FTSE All-Share index widened 0.70% or 28.45 points to the 4,112.29 level. Additionally, the FTSE 100 ticked up 0.64% or 47.47 points to the 7,437.45 level.
Meanwhile, France’s CAC 40 index slipped 0.03% or 1.84 points to the 6,283.40 level. It conversely moved from the gains of other European stocks.