Investing.com - European stocks pushed slightly higher in light trade on Monday, ahead of the Christmas holiday, as market sentiment remained supported by Friday's upbeat U.S. economic growth data.
During European afternoon trade, the EURO STOXX 50 added 0.14%, France’s CAC 40 eased 0.09%, while Germany’s DAX 30 climbed 0.57%.
Market sentiment remained supported after official data on Friday showed that U.S. gross domestic product expanded by 4.1% in the third quarter, above initial estimates for 3.6% growth.
Global equities had also strengthened last week after the Federal Reserve announced that it would reduce its USD85 billion-a-month bond buying program by USD10 billion in January. Outgoing Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale gained 0.71% and 1.31%, while Germany's Deutsche Bank climbed 0.63%.
Among peripheral lenders, Unicredit dipped 0.05% and Intesa Sanpaolo inched up 0.08% in Italy, while Spanish banks BBVA and Banco Santander slid 0.32% and 0.37% respectively
Elsewhere, Swatch shares were up 0.60% after the maker of Swiss watches won an arbitration award of CHF402 million from Tiffany & Co.
Adding to gains, Lanxess rallied 2.98% after the chemical maker’s chief executive officer said the company will reach its full-year forecast for earnings.
In London, FTSE 100 gained 0.56%, as ARM Holdings, which designs chips for Apple’s iPhones, remained one of the top performers, up 2.62%. The stock rallied after Apple struck a deal to sell iPhones through China Mobile Dialog.
Meanwhile, financial stocks also remained broadly higher. Shares in the Royal Bank of Scotland climbed 0.76% and Barclays jumped 1.01%, while Lloyds Banking and HSBC Holdings advanced 0.37% and 0.55% respectively.
In the mining sector, stocks turned mostly lower as Rio Tinto dropped 0.45%, while Fresnillo and Randgold Resources tumbled 1.35% and 1.42%. Vedanta Resources overperformed however, up 1.86%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.31% rise, S&P 500 futures signaled a 0.44% increase, while the Nasdaq 100 futures indicated a 0.70% climb.
Later in the day, the U.S. was to release official data on personal spending, as well as a report by the University of Michigan on consumer sentiment.
During European afternoon trade, the EURO STOXX 50 added 0.14%, France’s CAC 40 eased 0.09%, while Germany’s DAX 30 climbed 0.57%.
Market sentiment remained supported after official data on Friday showed that U.S. gross domestic product expanded by 4.1% in the third quarter, above initial estimates for 3.6% growth.
Global equities had also strengthened last week after the Federal Reserve announced that it would reduce its USD85 billion-a-month bond buying program by USD10 billion in January. Outgoing Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale gained 0.71% and 1.31%, while Germany's Deutsche Bank climbed 0.63%.
Among peripheral lenders, Unicredit dipped 0.05% and Intesa Sanpaolo inched up 0.08% in Italy, while Spanish banks BBVA and Banco Santander slid 0.32% and 0.37% respectively
Elsewhere, Swatch shares were up 0.60% after the maker of Swiss watches won an arbitration award of CHF402 million from Tiffany & Co.
Adding to gains, Lanxess rallied 2.98% after the chemical maker’s chief executive officer said the company will reach its full-year forecast for earnings.
In London, FTSE 100 gained 0.56%, as ARM Holdings, which designs chips for Apple’s iPhones, remained one of the top performers, up 2.62%. The stock rallied after Apple struck a deal to sell iPhones through China Mobile Dialog.
Meanwhile, financial stocks also remained broadly higher. Shares in the Royal Bank of Scotland climbed 0.76% and Barclays jumped 1.01%, while Lloyds Banking and HSBC Holdings advanced 0.37% and 0.55% respectively.
In the mining sector, stocks turned mostly lower as Rio Tinto dropped 0.45%, while Fresnillo and Randgold Resources tumbled 1.35% and 1.42%. Vedanta Resources overperformed however, up 1.86%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.31% rise, S&P 500 futures signaled a 0.44% increase, while the Nasdaq 100 futures indicated a 0.70% climb.
Later in the day, the U.S. was to release official data on personal spending, as well as a report by the University of Michigan on consumer sentiment.