European Markets Climb, Looking To Bounce Back From Worst Week Since February

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The pan-European Stoxx 600 added 0.7% in early trade, with autos climbing 1.5% to lead gains as all sectors and major bourses entered positive territory.

Shares in Asia-Pacific also advanced during Monday’s trade as Hong Kong’s Hang Seng index bounced back after slipping into bear market territory last week.

Stateside, stock futures were higher in early premarket trading after a volatile week on Wall Street, with investors eyeing the Federal Reserve for hints at tapering its monetary stimulus.

European shares are coming off their sharpest weekly decline since February, as traders monitored issues such as global monetary policy, the delta Covid variant and China’s tech crackdown.

August’s flash PMI (purchasing managers’ index) readings are due Monday from across the euro zone and the U.K., offering an insight into the state of the continent’s economic recovery.

In corporate news, Nvidia Corp’s $40 billion takeover of British chip designer ARM is hanging in the balance after the U.K.’s competition watchdog said the deal would require a drawn out investigation.

Meanwhile British asset management firm Janus Henderson has projected that global dividend payouts will rise to $1.39 trillion in 2021, nearing pre-pandemic levels.

In terms of individual share price movement, Swedish health care company AddLife and British supermarket chain Sainsburys both climbed more than 5% to lead the Stoxx 600.

At the bottom of the European blue chip index, Switzerland’s Cembra Money Bank plummeted more than 28% in early trade after terminating a credit card partnership with compatriot retailer Migros.

– CNBC

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