European stocks closed higher on Monday, ending a three-session selloff as markets reassessed the scale of the energy supply shock from the Persian Gulf. The Eurozone’s STOXX 50 rose 0.4% to 5,740, while the pan-European STOXX 600 gained 0.5% to 599.
Oil prices eased slightly after LPG tankers transited the Strait of Hormuz en route to India, signaling Tehran’s relative leniency on energy exports to selected countries. This development raised hopes that the current energy crunch—which has fueled global inflation concerns—could moderate.
Financial stocks advanced in line with gains in domestic bond markets, with Allianz and Deutsche Bank each up 1.5%. UniCredit added 0.5% after submitting a €35 billion offer for Commerzbank, whose shares jumped 8.5%. The bid was immediately opposed by the German government, a minority shareholder in Commerzbank, but it opened the door for UniCredit to raise its stake in the German lender from the current 26%.
Semiconductor stocks also climbed globally, supporting a 1.5% gain in ASML.
