European Shares Rise On Economic Optimism
European stocks rose on Monday to hover near record highs, as investors weighed inflation concerns against optimism over the global economic recovery from the coronavirus pandemic.
The focus remains on the volatility in the cryptocurrency space as well as key U.S. inflation readings due this week, with a high reading for the core inflation figures expected to revive talk of an early tapering by the U.S. Federal Reserve.
The pan European Stoxx 600 rose half a percent to 444.29 in thin trade, with markets in Austria, Denmark, Hungary, Norway, Switzerland and Germany closed for holiday.
France’s CAC 40 index edged up 0.1 percent and the U.K.’s FTSE 100 was up 0.3 percent.
Swedish telecom equipment maker Ericsson fell 1.6 percent. The company said that there is a risk that the decision by the Post and Telecommunication Authority to exclude Chinese vendors’ products from the 5G auction in Sweden may adversely impact its economic interests.
Cineworld rallied 3.4 percent in London. The company said its U.K. cinemas attracted more people than expected in its first weekend of reopening, following a months-long lockdown.
Airline Wizz Air Holdings edged up 0.3 percent and easyJet gained more than 1 percent despite Germany’s public health institute on Friday declaring Britain and Northern Ireland a virus variant region.
Ryanair rose half a percent. Belarusian opposition activist Roman Protasevich was arrested after a Ryanair flight from Greece to Lithuania was forced to land in Belarus over an alleged bomb scare.
Clothing retailer Ted Baker was little changed after reiterating its 2023 financial targets.
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