European Stocks Cautious to Kick Off the Week
The STOXX 50 edged down 0.2%, while the STOXX 600 rose 0.1% on Monday, as traders awaited the German vote on a crucial spending plan set for tomorrow. The conservative CDU/CSU bloc, led by election winner Friedrich Merz, is expected to secure the two-thirds parliamentary majority needed to pass the proposed constitutional amendments. Investors also assessed encouraging economic data, China’s newly announced "Special Action Plan to Boost Consumption," geopolitical developments, and several key central bank decisions this week, including from the Fed. On the corporate front, AstraZeneca dipped 0.2% after announcing plans to acquire biotechnology firm EsoBiotec in a deal potentially worth up to $1 billion. Meanwhile, Novo Nordisk surged over 2%. Luxury stocks faced headwinds, with LVMH (-0.7%), Hermès (-1.6%), and Kering (-1.8%) all declining. In contrast, the auto sector recorded gains, namely Volkswagen (+0.6%) and Mercedes-Benz (+0.2%).
Source: Trading Economics