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

European Markets Close Higher Despite Geopolitical Tensions; German Economy Contracts

by Keegan Ross
0 comment 52 views

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.


.FTSEFTSE 1007327.3936.110.5
.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

You may also like

Yew Media is a global leader in the online news. We seek to inform and engage with our readers. Staffed 24 hours, seven days a week by a dedicated team around the globe, we deliver news from journalists around the world. We are contrarian truth-seekers and truthtellers. We are journalists united by a mission to inform and engage with our readers. We bear witness to history as it unfolds and explain not just what happened, why it happened and what it means to our readers and the public. We are contrarian, we are committed to the news, speaking truth to power.

Yew Media, A Media Company – All Right Reserved.