Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

European Stocks Higher; German Ifo Offers Positive Surprises

Stock Markets May 23, 2022 04:08AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse

Investing.com - European stock markets traded higher Monday, with improved German business sentiment helping the tone despite worries about inflation and rising interest rates weighing heavily on the global economic outlook.

By 4:05 AM ET (0805 GMT), the DAX in Germany traded 1% higher, the CAC 40 in France rose 0.4%, and the U.K.’s FTSE 100 climbed 0.9%.

The week has started on an upbeat note, following on from gains by regional indices on Friday, helped by China easing a key interest rate, suggesting that the authorities in Beijing are keen to support the second largest economy in the world.

Helping the tone Monday was the release of a better than expected Germany’s Ifo business climate index for May, which rose to 93.0 revised from 91.9 in April. The index had been expected to fall as soaring input costs were seen weighing on sentiment.

However, a great deal of uncertainty remains, given concerns about inflationary pressures exacerbated by the ongoing war in Ukraine, the associated tightening by central banks, and in the Federal Reserve in particular, and slowing economic growth.

Also of interest will be the World Economic Forum which kicks off in Davos this week after a two-year pandemic-enforced hiatus, with Russia’s invasion of Ukraine expected to feature heavily.

In the corporate sector, Kingfisher (LON:KGF) stock rose 3.1% after the home improvement company reiterated its profit guidance, even as faster inflation risks might deter British consumers from renovating their homes.

Moonpig (LON:MOONM) stock soared 12% after the personalized greeting cards provider announced plans to buy Smartbox Group, with the gift experiences platform likely to increase its margins in the medium term.

Deutsche Euroshop (ETR:DEQGn) stock rose over 40% after a consortium of bidders offered 1.4 billion euros ($1.49 billion) to acquire the German shopping center investor.

Oil prices edged higher Monday, boosted by the expectation of renewed demand as Shanghai prepares to reopen at the beginning of June after a two-month lockdown and ahead of the start of the main U.S. driving season.

Lockdowns in China, and the commercial hub Shanghai, in particular, to combat a prolonged COVID outbreak have hammered industrial output and thus fuel demand from the world’s top crude importer.

Additionally, U.S. fuel demand should soon pick up, with the U.S. peak driving season traditionally beginning on Memorial Day weekend at the end of May and ending on Labor Day in September.

By 4:05 AM ET, U.S. crude futures traded 1% higher at $111.38 a barrel, while the Brent contract rose 1.1% to $111.23.

Additionally, gold futures rose 0.8% to $1,855.92/oz, while EUR/USD traded 0.5% higher at 1.0614.

European Stocks Higher; German Ifo Offers Positive Surprises
 

Related Articles

Asian Stocks Up, Following Wall Street Gains
Asian Stocks Up, Following Wall Street Gains By Investing.com - Jun 26, 2022 1

By Zhang Mengying Investing.com – Asia Pacific stocks were up on Monday morning after Wall Street rebounded strongly at the end of last week despite fears of prolonged inflation...

Dow Futures Trade Lower After Positive Week
Dow Futures Trade Lower After Positive Week By Investing.com - Jun 26, 2022 9

By Oliver Gray  Investing.com - U.S. stock futures were trading lower during Sunday's evening deals, easing from a major rebound last week as investors monitored growing recession...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
Ronald Warren
Ronald Warren May 23, 2022 6:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Am I the only one, or does it bother you that they always report summer as the peak driving season? I personally have always appreciated the summer, because the streets in town are empty. There are 500,000 school buses in the U.S. running the streets of America through the school year. In addition to that, you've got millions of parents driving their children to and from school twice a day and then you have teachers and high school students commuting every day in their cars. It doesn't add up to me. Just seems like justification for big oil to raise prices during the summer while usage is down.
Wilks Campbell
Wilks Campbell May 23, 2022 4:58AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Get a better financial analyst to write a sensible financial news!
Wilks Campbell
Wilks Campbell May 23, 2022 4:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
trash! CCP cutting so called key interest rate amidst fake lockdown exit! What kind of journalism is it!
Elvis Durant
Elvis Durant May 23, 2022 4:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sell fake news & buy the dip
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email