EUROPE Stocks trade higher on Monday

European stock markets were higher on Monday, 23 January 2023, as risk sentiments supported by following the broadly positive cues from Wall Street rebound late last week and strengthening hopes that a global economic downturn may not be as severe as feared.

However, market gains capped ahead of Euro area consumer confidence survey results and a speech by ECB President Christine Lagarde at an event for directional cues.

At 14:02 GMT, the pan European Stoxx 600 index was up 0.34% to 453.67. The U.K.'s FTSE 100 index rose 0.44% to 7,804.78. France's CAC40 index added 0.31% to 7,017.76. Germany's DAX index added 0.15% to 15,056.56. Switzerland's Swiss Market index added 0.47% to 11,347.81.

 

European market commenced started the new trading week on firm note as signs of inflation softening, falls in commodity prices and the easing of China's COVID-19 restrictions have raised hopes so far this year that a global economic downturn may not be as severe as feared.

Money markets are pricing in a 98% chance that the Fed will raise rates by 25 basis points next month, and have steadily lowered the likely peak for rates to 4.75% to 5.0%, from the current level of 4.25% to 4.50%.

Among individual stocks, Finnish critical networks and communications company Nokia Corp shares advanced after it signed a new cross-license 5G patent agreement with Samsung Electronics.

Shares of infrastructure group Balfour Beatty gained ground after it secured a 1.2 billion pounds contract from National Highways to deliver the 'Roads North of the Thames' package of works for the proposed Lower Thames Crossing.

Public transport provider National Express Group shares were higher after the company announcement that its unit National Express Rail GmbH has won a 1 billion euros worth contract for rail operations in Germany.

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