European stocks witnessed an uptick on Monday as investors seized the opportunity to acquire shares ahead of key economic data releases, including inflation reports from the U.S. and the U.K., as well as quarterly earnings updates from several leading companies.
The major markets presented a mixed picture. The UK market slightly missed the mark, with the FTSE 100 index recording only a marginal gain. In contrast, Germany's DAX and France's CAC 40 went up by 0.65% and 0.55% respectively. The pan-European Stoxx 600 index rose by 0.54%, while Switzerland's SMI saw a 0.79% jump.
Several other European markets, including Austria, Belgium, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, and Turkey, ended the day with significant to moderate gains. Meanwhile, Finland and Russia saw minimal gains, while Greece and Iceland showed weakness, and Denmark remained steady.
In the UK, Ocado Group surged nearly 5%, while Burberry Group and Frasers Group increased by around 4.5% and 4.4% respectively. Endeavour Mining, Fresnillo, Anglo American Plc, and Glencore recorded gains within the range of 2.4 to 3.1%.
Major companies such as Prudential, Antofagasta, Land Securities, NEXT, JD Sports Fashion, Auto Trader Group, Beazley, RightMove, Scottish Mortgage, RS Group, and Howden Joinery recorded gains between 1.4 and 2%. Conversely, AstraZeneca and Rolls-Royce Holdings fell by over 2.5%. GSK, Natwest Group, Melrose Industries, The Sage Group, and Intertek lost between 1 to 2%.
In Germany, Siemens Energy surged by nearly 6%, while Zalando observed about a 4% gain. Other companies like Deutsche Bank, Freseneius Medical Care, Puma, BASF, Commerzbank, and Fresenius garnered a rise of 2 to 2.5%. Munich RE and Mercedes-Benz also posted substantial gains.
Shares of Nordex SE, a German wind turbine manufacturer, soared by nearly 11% following the company’s announcement of preliminary sales for fiscal year 2023. The company reported earnings of 6.5 billion euros, exceeding the upper limit of the estimated 5.6 to 6.1 billion euro range.
In France, Unibail Rodamco and L'Oreal enjoyed an approximated gain of 2.5%. Other companies including Renault, Saint-Gobain, AXA, LVMH, Carrefour, Essilor, Engie, Publicis Groupe, WorldLine, STMicroElectronics, Hermes International, Stellantis, and BNP Paribas saw a gain ranging between 1 to 2%. On the downside, Dassault Systemes and Alstom shares fell by roughly 2% and 1.2%, respectively, while Capgemini, Safran, and Sanofi incurred moderate losses.
Italian luxury fashion brand Tod's SpA saw a significant surge in share prices, soaring more than 18% after LVMH-backed private equity firm L Catterton announced its plan to acquire a 36% stake in the luxury group.
