The pan-European Stoxx 600 index was up 0.27% by 12:47 p.m. London time, with the majority of sectors and major bourses trading in the green. Food and beverage stocks led losses, down 0.21%, while retail climbed 1.16%.
Rheinmetall shares fell as much as 5% on reports that Germany may halt new military aid to Ukraine. It was last seen trading down 1.8%, while other defense stocks, including Bae Systems and Kongsberg Grupp, fell more than 2%.
Shares of Danish biotech company Zealand Pharma also fell 4.7%, before paring losses slightly, after CEO Adam Steensberg told Reuters last week that it was looking for a big pharma partner to help bring its weight loss drug to market.
European markets closed higher last Friday, rounding off a winning week for global stocks after recent market jitters and volatility.
U.S. stocks posted solid gains last Friday, boosted by last Thursday’s weekly jobless claims and retail sales data. That further signaled to investors that recent nervousness over a U.S. recession was overblown.
David Roche Predicts 2025 Bear Market Triggered By Rate Cuts, Slowing Economy, And AI Bubble
Overnight, Asia-Pacific markets were mixed as investors awaited a slew of central bank releases and inflation data this week. U.S. stock futures inched higher in overnight trading Sunday.
Now available: Weekly data on the Assets and Liabilities of Commercial Banks in the United States #FedData https://t.co/WeJhdaARrt
— Federal Reserve (@federalreserve) August 16, 2024
Wall Street is looking ahead to Federal Reserve Chair Jerome Powell’s Jackson Hole, Wyoming, speech on Friday, searching for more clarity on the outlook for rate cuts. Minutes from the Fed’s most recent meeting are also set to be released Wednesday.
There are no major earnings releases Monday. Data releases include Spain’s latest balance of trade figures.
