Europe close: Stocks play catch up with Wall Street

8th Apr 2024 18:09

(Sharecast News) - European shares rallied on Monday as investors awaited the start of the latest earnings season, playing catch up with the gains seen on Wall Street at the end of the previous week.

The pan-regional Stoxx 600 index was up 0.47% at 508.93, with nearly all major bourses all making gains.

Investors were eyeing a wide range of economic data due out later in the week, including a European Central Bank interest rate decision on Thursday and the latest CPI numbers out of the US.

In economic news, German industrial production rose more than expected in February thanks to the performance of the construction industry.

Industrial production rose by 2.1% compared to the previous month and a forecast rise of 0.3%.

Eurozone investor morale improved again in April, marking the sixth gain in a row, according to a widely watched survey published on Monday.

The Sentix index for the single currency block rose to -5.9 points in April from -10.5 in March, its highest level since February 2022, and beating forecasts of -8.5.

On the commodities front, Brent crude prices fell to just under $90 a barrel as Israel withdrew more troops from Southern Gaza.

In equity news shares in Zalando were higher by 5% after Citigroup upped its rating on the German online fashion retailer to 'buy' from 'neutral'.

Entain shares also gained sharply on the back of a report that private equity outfit Apollo was mulling a break-up bid for the troubled gambling firm.