European stocks experienced a significant rise on Monday as they braced for a week bustling with earnings reports, economic data unveils, and speeches from Federal Reserve officials. There's a decrease in enthusiasm regarding early rate cuts from the Fed. Therefore, investors are turning their attention to U.S. inflation data for January, which is to be released on Tuesday, for more insight into the potential rate path of the Federal Reserve.
The pan-European STOXX 600 enjoyed an increase of 0.3 percent, reaching 486.24, right before the reveal of the fourth-quarter GDP growth data from the Eurozone, along with the consumer price inflation figures from Spain and other areas, expected later this week.
The DAX from Germany and France's CAC 40 both saw a growth of approximately 0.3 percent. On the other hand, the FTSE 100 from the U.K slightly fell as crucial U.K. GDP and inflation figures are slated for release this week.
Novo Nordisk witnessed a 1.1 percent increase following rumours that its majority shareholder has plans to make investments worth up to $7bn per annum by 2030. Meanwhile, shares of food delivery firms Just Eat Takeaway and Delivery Hero rose by 6 percent and 5 percent, respectively.
Shares of Tod's SpA soared 17 percent as L Catterton, supported by LVMH, made an announcement claiming they would purchase a 36 percent share in the luxury group based in Italy. BP Plc and Shell recorded modest gains while crude oil prices underwent a slight dip after gaining 6 percent last week.
GSK faced a 1 percent loss, despite after the U.S. Food and Drug Administration (FDA) recognized its bepirovirsen drug for chronic hepatitis B with Fast Track designation.
Tritax Big Box REIT saw a fall of over 3 percent. The agreement that the real estate investment trust made to acquire U.K. Commercial Property REIT Ltd. for 0.444 new regular BBOX shares per share of UKCM could be the reason.
Nordex SE shares jumped 4.2 percent as the German wind turbine manufacturer announced that its preliminary consolidated sales for the 2023 fiscal year totaled 6.5 billion euros, surpassing the highest prediction, which ranged from 5.6 billion euro to 6.1 billion euro.
