European stocks rebounded on Monday afternoon, with the STOXX 50 up 0.7% and the STOXX 600 advancing 0.6%, supported by a broader global market recovery and easing oil prices. The move came as US Treasury Secretary Bessent indicated that Washington is allowing Iranian oil tankers to transit the Strait of Hormuz, while President Trump has called on other countries to help ensure the vital shipping lane remains open. Nonetheless, uncertainty lingers over the timing of any resolution to the conflict.
At the same time, traders are preparing for a crowded week of central bank meetings, including key policy decisions from the Federal Reserve and the European Central Bank. Financials were among the strongest performers, with Commerzbank rallying nearly 9% after UniCredit launched an offer to lift its stake in the German lender to more than 30%, while explicitly not seeking control. UniCredit shares gained 0.9%, even as the German government condemned the move as “unacceptable.” Elsewhere, ASML Holding (+2%) and HSBC Holdings (+2.1%) also recorded notable gains.
