As China reopened its borders over the weekend and as US and European data calmed concerns about aggressive tightening by central banks, European markets increased on Monday, extending the year’s positive start to a second week.
By 08:12 GMT, the pan-European STOXX 600 was up 0.3%.
On Friday, the index had its best weekly performance in nine months as several encouraging indicators, including robust manufacturing activity in the eurozone and a decline in the region’s inflation, pointed to a milder-than-expected recession and easing pricing pressures.
This allayed concerns that the US Federal Reserve and the European Central Bank will maintain their hawkish monetary policy, along with data showing a tight US labor market.
Rate-vulnerable tech stocks increased by 1.2%. Investors wait for additional clues on the health of the labor market when the eurozone releases its unemployment statistics for November at 1000 GMT.
At opening, European stocks rise
On Sunday, travellers poured into China through air, land, and sea as Beijing reopened borders that had been all but closed since the COVID-19 outbreak began.
As base metal prices rose in anticipation of a revival in demand from China’s largest consumer, miners saw a 1.7% increase. Following unimpressive trading updates, the shares of the London-listed video game companies Devolver Digital and Frontier Developments fell 9.4% and 40.6%, respectively.
Read More About… European markets! Pak News Affair