European Shares Gain As German Business Confidence Improves
(RTTNews) - European stocks rose notably on Monday after last week's brutal selloff following hawkish signals from the Federal Reserve and the European Central Bank.
Sentiment was underpinned after Chinese policymakers pledged to fine-tune COVID controls and boost the country's ailing property market.
Investors also reacted positively to the latest survey results showing that a measure of German business sentiment increased for a third straight month in December.
The Ifo business-climate index rose to 88.6 from a revised 86.4 in November. This was above economists' forecast of 87.4.
The pan European STOXX 600 jumped 0.6 percent to 427.17 after declining 1.2 percent on Friday.
The German DAX climbed 0.7 percent, France's CAC 40 index added 0.8 percent and the U.K.'s FTSE 100 gained 0.4 percent.
Freenet AG jumped nearly 4 percent after Deutsche Bank raised its rating on the stock.
BP Plc gained more than 3 percent, Shell added 2.9 percent and TotalEnergies surged 3.1 percent, as oil prices jumped around 1 percent on optimism over demand recovery due to China's easing of COVID curbs.
AstraZeneca edged down slightly after announcing mixed results from a lung cancer trial.
James Fisher & Sons rose nearly 2 percent. The provider of marine engineering services has announced the sale of three businesses, in two separate transactions.
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