Investing.com – European stocks ended higher on Monday, snapping a 4-day losing streak, as financial sector stocks led gains and despite poor industry data on the U.S. housing sector.
At the close of European trade, the EURO STOXX 50 was up 1.71%; France’s CAC 40 rose 1.77% and Germany's DAX gained 1.38%.
Earlier in the day, the U.S. National Association of Home Builders said its housing market index remained at 13 in September, staying at its lowest level since March 2009.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 on the index indicates a favorable outlook on home sales, below indicates a negative outlook.
Meanwhile, a preliminary Bank of England report showed that U.K. mortgage approvals fell more-than-expected in August, hitting their lowest level in 17 months.
In Germany, Commerzbank shares extended early gains to rise 1.50%, after global financial firm UBS upgraded the German bank’s stocks to ‘nuetral’ from ‘sell’.
Meanwhile in France, shares in Credit Agricole soared 4.12% on the day, after Credit Suisse upgraded stocks in the French lender to ‘outperform’ from ‘neutral’.
In London, the FTSE 100 increased 1.72%. Shares in Barclays soared 2.86%, Royal Bank of Scotland gained 2.26%, while stocks in Lloyds Banking Group rose 2.72%, after the British bank said its chief executive will step down next year.
Across the Atlantic, U.S. markets moved higher: the Dow Jones Industrial Average was up 0.95%; the S&P 500 index rose 1.03% and the Nasdaq Composite index gained 1.08%.
At the close of European trade, the EURO STOXX 50 was up 1.71%; France’s CAC 40 rose 1.77% and Germany's DAX gained 1.38%.
Earlier in the day, the U.S. National Association of Home Builders said its housing market index remained at 13 in September, staying at its lowest level since March 2009.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 on the index indicates a favorable outlook on home sales, below indicates a negative outlook.
Meanwhile, a preliminary Bank of England report showed that U.K. mortgage approvals fell more-than-expected in August, hitting their lowest level in 17 months.
In Germany, Commerzbank shares extended early gains to rise 1.50%, after global financial firm UBS upgraded the German bank’s stocks to ‘nuetral’ from ‘sell’.
Meanwhile in France, shares in Credit Agricole soared 4.12% on the day, after Credit Suisse upgraded stocks in the French lender to ‘outperform’ from ‘neutral’.
In London, the FTSE 100 increased 1.72%. Shares in Barclays soared 2.86%, Royal Bank of Scotland gained 2.26%, while stocks in Lloyds Banking Group rose 2.72%, after the British bank said its chief executive will step down next year.
Across the Atlantic, U.S. markets moved higher: the Dow Jones Industrial Average was up 0.95%; the S&P 500 index rose 1.03% and the Nasdaq Composite index gained 1.08%.