European stocks moved stably in Monday’s trading, after the markets failed to take advantage of the momentum resulting from last week’s gains, while London stocks led the gains in the region, supported by the optimistic performance of energy companies on the back of rising oil prices.
In the US, markets now expect the Fed to keep interest rates unchanged by 80.5 percent, according to CME FedWatch data.
In Europe, there was a slight reversal in expectations for further tightening, after last week’s data showed that consumer prices in the eurozone fell more than expected.
Data released earlier in the session showed that the German trade surplus jumped to $18.4 billion in April, from $14.9 billion in March, as a result of lower energy prices and higher accumulated demand. Exports rose surprisingly by 1.2 percent during the month, while they declined. Imports increased by 1.7 percent.
The European oil and gas sector index rose 1 percent, supported by higher oil prices after Saudi Arabia, the world’s largest crude exporter, pledged to cut production by an additional 1 million barrels per day, starting in July.
price movements
The European Stoxx 600 index rose slightly by 0.06 percent at 462.42 points by 9:05 GMT, while the FTSE100 index in London led the gains, rising 0.55 percent to 7,649.78 points.
Shares of Endeavor jumped 11 percent, topping gains on the Stoxx 600 index, after the drugmaker agreed to pay $102.5 million to settle a lawsuit related to Suboxone, which it produces to treat opioid addiction.
2023-06-05 09:18:56
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