European Stocks Close Higher
European stocks closed slightly higher on Monday, benefitting from a global rebound for riskier assets as markets assessed fresh political developments in the US.
The Eurozone’s Stoxx 50 added 0.3% to close at 4,803 and the pan-European Stoxx 600 inched higher to close at 509. US President-elect nominated Scott Bessent as Treasury Secretary in his upcoming administration, expected to aid in prudential debt emission, and contrasting sharply with earlier choices of prioritizing radical policies backed by Trump’s inner circle.
Luxury heavyweights booked sharp gains, with Kering soaring by over 5% while LVMH and Hermes added 1.6% and 2.5%, respectively. In turn, UniCredit lost nearly 5% after the major lender launched a €10.1 billion bid to acquire rival Banco BPM.
Source: Trading Economics