Key Takeaways
- European shares climbed on Monday, with technology stocks leading the gains.
- Oil prices declined for the fourth consecutive session, easing market concerns.
- Travel stocks rose as lower oil prices supported airline shares.
European shares experienced a positive session on Monday, with the pan-European STOXX 600 index gaining 0.56% to reach 638.98 points by 0710 GMT.
The rally was primarily driven by technology stocks, which advanced by approximately 2%, including contributions from chip-related companies such as Soitec and Aixtron.
Despite a 0.62% decline in energy stocks, the overall market sentiment improved as oil prices fell, reducing investor anxiety.
Travel stocks showed a 0.86% increase, benefiting from the lower oil prices, which positively impacted airline shares.
Germany’s DAX index also saw a 0.76% rise, with market participants closely monitoring the results of state elections in northeastern Germany, where the far-right Alternative for Germany (AfD) emerged as the largest party.
Sweden’s long-term inflation expectations among financial and business groups eased in September, providing further support to the market.
Attention now shifts to a meeting between US President Donald Trump and Chinese President Xi Jinping later this week, where trade relations and the global economic outlook will be discussed.
Among individual stocks, AstraZeneca’s share price fell 0.32%, despite the drugmaker’s recommendation for its cancer treatment Enhertu to be approved for use in early breast cancer in the EU.
Sweden’s Nordnet saw a significant gain of 4.6% after announcing a buyback programme, while biotech firm Ipsen experienced a more than 6% decline.
