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Investing.com – European stock markets traded higher Monday, helped by gains in Asia after a strong week on Wall Street, ahead of a speech by ECB head Christine Lagarde.
At 03:35 ET (07:35 GMT), the DAX index in Germany traded 0.6% higher, the FTSE 100 in the U.K. rose 0.6% and the CAC 40 in France gained 0.8%.
Activity is likely to be limited Monday with the U.S. on holiday.
Sentiment boost by Chinese equity market gains
European equity indices have benefited from the positive tone seen in Asia overnight, with the Chinese markets the best performers on increased optimism that a series of small policy steps from Beijing might lead to a substantial stimulus package in the near future.
Sentiment was also boosted Monday as property developer Country Garden Holdings earned bondholder approval to extend some debt deadlines, averting a potential default.
Chinese authorities have tended to focus their measures on the beleaguered property sector, including increasing local dollar liquidity and loosening some mortgage rules last week.
China is a major market for a number of Europe’s largest companies, and the faltering recovery of its economy, the second largest in the world, has weighed on the eurozone economy.
ECB head Lagarde set to speak
Back in Europe, the picture is less optimistic.
Data released earlier Monday showed that German exports fell 0.9% in July from a month earlier as global demand continued to falter.
“Trade is no longer the strong resilient growth driver of the German economy that it used to be, but rather a drag,” said Carsten Brzeski, global head of macroeconomics at ING.
Additionally, the number of jobless in Spain rose by 0.9% in August from a month earlier, leaving a total of 2.70 million people out of work.
European Central Bank President Christine Lagarde is set to speak later Monday, and her comments will be parsed for clues for likely monetary policy action at the central bank’s next meeting later this month.
Volvo) Car sees jump in monthly sales
In corporate news, Volvo (OTC:VLVLY) Car (ST:VOLCARb) stock rose 1.2% after the Swedish carmaker reported an 18% rise in monthly auto sales for August compared to last year, propelled by European and U.S. demand.
Crude steady; OPEC+ supplies eyed
Oil prices steadied at high levels Monday on optimism that top crude producers will agree to further output cuts to the end of the year, keeping supplies tight on a global scale.
Russia said last week that it will outline more reductions in supply this week, adding to the growing expectation that Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, will also extend a one million barrel per day cut into October.
By 03:35 ET, the U.S. crude futures traded 0.1% higher at $85.58 a barrel, while the Brent contract traded largely flat at $88.53, with volumes light on account of the U.S. market holiday.
Both contracts ended last week at their highest levels in more than half a year, rebounding having weakened in the two previous weeks.
Additionally, gold futures rose 0.1% to $1,969.75/oz, while EUR/USD traded 0.3% higher at 1.0804.
Source: Investing.com
