European stocks soared on Monday as investors supported reports suggesting that the US was trying to raise tariffs on China to combat inflation.
Investors and policy makers are waiting for the release of US inflation data this week after EU inflation shocked many with record highs last week.
Market participants are also waiting for the European Central Bank (ECB) policy meeting later this week to see if the central bank will raise interest rates at the policy meeting on 21 July.
The Pan-European Stocks 600 rose 0.90% to 444.07 after closing at a 0.3% drop on Friday.
Germany’s DAX rose 1%, France’s CAC 40 index rose 1.2%, and the UK’s FTSE 100 rose 1.4%.
Britain’s Prime Minister Boris Johnson will face a distrust resolution later today after an increase in the number of members governing the Conservative Party has questioned the founding authorities of British leaders on the “partisan” scandal.
Miners Anglo American, Antofagasta and Glencore all exceeded 3% as London’s copper prices rose to their highest levels in more than a month in hopes of the US lowering tariffs on Beijing.
Oil and gas company BP Plc rose 2.8% and Royal Dutch Shell rose 2.2% as oil prices approached $ 120 a barrel after Saudi Arabia raised prices for Asian customers.
Auto parts supplier Melrose Industries surged 4.3% after agreeing to sell ergonomics work From Ergotron to private equity firm Sterling Group for £ 520m in cash.
Clontarf Energy’s share price plummeted 69% after partner Western Gas said no hydrocarbons were detected in the Sasanof-1 exploration off Western Australia.
Banks have traded higher on the expectation that they will benefit from rising interest rates. Commerzbank, Deutsche Bank and BNP Paribas rose 2-3%.
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European stocks rise as investors turn to ECB meetings
Source link European stocks rise as investors turn to ECB meetings