European stocks start the week in the green

Wall Street

European stocks start the week in the green | Photo credits: Alex E. Proimos / Creative Commons

PARIS, May 23 (Reuters) – The main European stock markets rose at the start of trading on Monday, the prospect of a higher opening on Wall Street favoring the return on equities. In Paris, the CAC 40 gained 0.41% to 6,311.18 points at 07:45 GMT. In London, the FTSE 100 takes 0.78% and in Frankfurt, the Dax advances by 1.1%. The EuroStoxx 50 index is up 0.63%, the FTSEurofirst 300 0.92% and the Stoxx 600 0.87%. The latter lost 0.55% last week, its fifth weekly decline in six weeks. Futures suggest a rebound of around 1% on Wall Street, where the Standard & Poor’s 500 ended virtually unchanged on Friday after briefly moving into the “bear market” in session, or 20% in below its record of early January. In Asia, the Nikkei in Tokyo ended with an increase of 0.98% and in China, the SSE Composite of Shanghai, which fell at the start of the session, ended almost stable. Risk appetite in Europe is also fueled by the start of a return to normalcy in Shanghai after the tight restrictions that have marked the past two months, even as the number of COVID-19 cases continues to rise in Beijing. The hope of a recovery in demand also favors the rise in the prices of copper (+0.56%) and oil (+0.90%), which allows the European commodity compartment to gain 1.85 %, the best sector performance at the start of the session, while that of energy won 1.62%. The steelmaker ArcelorMittal took 2.28%, the biggest rise in the CAC 40. At the top of the Stoxx 600, the wind turbine specialist Siemens Gamesa jumped 6.39% after the announcement by its parent company, Siemens Energy (+2, 16%) of a takeover bid for minority interests. In the news of the results, the British Kingfisher, owner of Castorama in France gains 2.55% after the confirmation of its forecasts of annual results. (Writing by Marc Angrand, editing by Kate Entringer)

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