European Stocks Close On Firm Note Ahead Of Crucial Economic Data, Earnings Updates

European stocks closed higher on Monday with investors picking up shares ahead of a slew of crucial economic data, including inflation reports from the U.S., and U.K., and quarterly earnings updates from several top companies.

Among the major markets, the U.K. underperformed, with its benchmark FTSE 100 gaining just marginally. Germany’s DAX and France’s CAC 40 gained 0.65% and 0.55%, respectively. The pan European Stoxx 600 ended 0.54% up, while Switzerland’s SMI climbed 0.79%.

Among other markets in Europe, Austria, Belgium, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye closed with sharp to moderate gains.

Finland and Russia edged up marginally, while Greece and Iceland ended weak, and Denmark closed flat.

In the UK market, Ocado Group rallied nearly 5%. Burberry Group and Frasers Group gained about 4.5% and 4.4%, respectively. Endeavour Mining, Fresnillo, Anglo American Plc and Glencore gained 2.4 to 3.1%.

Prudential, Antofagasta, Land Securities, NEXT, JD Sports Fashion, Auto Trader Group, Beazley, RightMove, Scottish Mortgage, RS Group and Howden Joinery gained 1.4 to 2%.

AstraZeneca and Rolls-Royce Holdings both ended more than 2.5% down. GSK, Natwest Group, Melrose Industries, The Sage Group and Intertek lost 1 to 2%.

In the German market, Siemens Energy surged nearly 6%, and Zalando gained about 4%. Deutsche Bank, Freseneius Medical Care, Puma, BASF, Commerzbank and Fresenius climbed 2 to 2.5%. Infienon, Covestro, Bayer, Munich RE and Mercedes-Benz also posted strong gains.

Nordex SE shares soared nearly 11%. The German wind turbine manufacturer reported that its preliminary consolidated sales for fiscal year 2023 was 6.5 billion euros and exceeded the upper end of the forecast range of 5.6 billion euro to 6.1 billion euro.

In the French market, Unibail Rodamco and L’Oreal gained nearly 2.5%. Renault, Saint-Gobain, AXA, LVMH, Carrefour, Essilor, Engie, Publicis Groupe, WorldLine, STMicroElectronics, Hermes International, Stellantis and BNP…