LONDON – European stocks were higher on Monday despite fears about the global economy that have dominated market sentiment lately.
The pan-European Stoxx 600 climbed 1.1% in early trade, with basic resources contributing 2% to lead gains as all sectors and major bourses entered positive territory.
Shares in Siemens Gamesa rose 6.4% in early deals, topping the European blue-chip index after Siemens Energy offered to buy all of the renewable energy company’s outstanding shares for €4.06 billion (€4.29 billion). US dollars) to buy.
The higher trade in Europe comes after regional markets closed higher on Friday after a volatile week of trading.
Despite the higher close, European stocks still had a negative week, while US stocks fell on Friday, extending losses from earlier in the week and putting the S&P 500 on the verge of a bear market.
Stock picks and investment trends from CNBC Pro:
U.S. stock futures rose sharply in early premarket trading Monday after the Dow Jones Industrial Average fell for its eighth consecutive week amid a broader market selloff. Asia-Pacific stocks were mixed on Monday as global concerns continued to plague investors.
The World Economic Forum begins this week in Davos, bringing together political and business leaders from around the world. This year’s summit comes after several years of the Covid-19 pandemic and amid the Russian invasion of Ukraine, which is expected to be high on the agenda.
CNBC will speak with a variety of executives at the forum, including the CEOs of UBS, Edelman, SAP and EY Monday, as well as the chairman of the State Bank of India, the chairman of Credit Suisse and the Swedish finance minister.
did you like this article?
For exclusive stock picks, investment ideas and the global CNBC live stream
Sign up for CNBC Pro
Start your free trial now