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European stocks rose on Monday, with tech stocks leading gains after last week's slump

TraderKnows
TraderKnows
06-17

Last week, due to political turmoil in various European countries, the stock market experienced fluctuations. However, this week, some sectors have shown a rebound.

On Monday, European stock markets rose as bank and technology stocks rebounded after last week's market upheaval caused by political uncertainty in France. Meanwhile, Danish insurer Topdanmark surged significantly following Sampo's acquisition proposal.

As of 0816 GMT, the pan-European STOXX 600 index was up 0.3%, recovering from its worst single-week decline so far this year.

Technology stocks led the gains, rising 1.6% after falling nearly 2% last week, while European bank stocks were up nearly 1% after dropping over 8% the previous week.

The European market has been under pressure after French President Emmanuel Macron called for an emergency election following his centrist ruling party's defeat by Marine Le Pen's eurosceptic National Rally in the European Parliament elections.

"We see the divergence between European and U.S. stock markets becoming very pronounced... with France standing out particularly due to the emergency election and increasing concerns about right-wing parties," said Daniela Hathorn, senior market analyst at Capital.com.

"There's a lot of uncertainty in the market, and a lot of things need to be digested."

Most exchanges in the region rose on the day, with France’s benchmark CAC 40 index up 0.5% after falling over 6% last week.

Conversely, the basic resources sector fell 0.7% with most metal prices declining, as data showed that industrial production in China, a major consumer, was weaker than expected in May.

Additionally, Italy's EU harmonized consumer price index (HICP) rose 0.2% month-on-month in May and 0.8% year-on-year, confirming the preliminary data.

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