European stocks rise cautiously ahead of German election results

Economies.com
2021-09-27 11:34AM UTC

European stocks rose on Monday, after taking a pause on Friday, but today's gains are curbed amid cautious sentiment ahead of the German election results, and concerns over the Chinese company Evergrande crisis.

 

The Stoxx Europe 600 index rose 0.2% as of 10:15 GMT, after closing lower by 0.9% on Friday, due to correction and profit-taking.

 

The pan European index gained 0.4% last week, the first weekly gain in a month, after the European Central President Christine Lagarde's statements about the limited impact of the Chinese real estate company Evergrande's crisis on Europe.

 

The energy sector saw the largest gains in Europe today, with a rise of more than 2.5%, as oil prices rallied, with Brent crude hitting its 3-year high.

 

The results of Germany's primary elections on Monday morning showed the center-left Social Democrats secured 25.8% of the vote, and Angela Merkel's right-leaning bloc consisting of the Christian Democratic Union and the Christian Social Union secured 24.1% of the vote.

 

The world's largest real estate company, Evergrande, failed to make an interest payment on a domestic bond last week, with other payments due this week.

 

S&P 500 futures rose 0.2% today, after the index closed higher by 0.15% on Friday, and rebounded from 2-month low.

 

Back to Europe, the Euro Stoxx 50 index rose 0.3%, France's CAC 40 rose 0.3%, Germany's DAX index rose 0.5%, and the UK's FTSE 100 rose 0.1%.

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