Tuesday, May 21, 2024
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Home » European Markets Close Higher Despite Geopolitical Tensions; German Economy Contracts

European Markets Close Higher Despite Geopolitical Tensions; German Economy Contracts

by Keegan Ross
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European stock markets closed higher on Monday despite ongoing volatility in the Middle East, with investors monitoring economic data from Germany and U.S. market action.

The pan-European Stoxx 600 ended 0.4% higher, with most sectors in the green as healthcare stocks led gains.

The index is on course for a 4.6% monthly fall, according to LSEG data, amid lacklustre earnings and concerns over higher-for-longer interest rates.

EUROPEAN MARKETS

TICKER COMPANY PRICE CHANGE %CHANGE 
.FTSEFTSE 1007327.3936.110.5
.GDAXIDAX14716.5400
.FCHICAC 40 Index6825.0700
.FTMIBFTSE MIB27339.9152.460.19
.IBEXIBEX 35 Idx9013.900

Overnight, HSBC reported a huge 235% rise in profit after tax to $6.26 billion in the third quarter, which was nonetheless lower than expectations. Europe’s largest bank by assets also announced an additional share buyback of up to $3 billion. London-listed shares opened 0.8% higher.

Meanwhile, German gross domestic product recorded a 0.1% quarterly fall, slightly better than the 0.3% decline forecast in a Reuters poll of economists.

The economy shrank 0.8% on a price-adjusted basis versus the third quarter of 2022.

GDP for the second quarter was revised up from stagnation to 0.1% growth.

Asia-Pacific markets started the week mixed ahead of key economic data releases from around the region.

U.S. stocks were higher on a big week that will include the Federal Reserve’s rate decision, a jobs report and Apple’s earnings report.

Source : CNBC

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