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European markets closed provisionally higher Monday, recovering from the tough week which saw stocks fall.
The pan-European Stoxx 600 slipped 2.89% last week as investors weighed concerns about the health of the economy, hot inflation figures, and the U.S. Federal Reserve’s upcoming monetary policy meeting.
By Monday afternoon, major European markets showed signs of recovery. Germany’s DAX ended the day 0.7% higher, France’s CAC 40 ended flat, and Italy’s FTSE MIB closed 0.3% higher. Spain’s IBEX 35 also closed the day up 0.3%.
The U.K.’s FTSE 100 was closed Monday to mark the funeral of Queen Elizabeth II, which began at 11 a.m. London time.
It comes after sterling hit a 37-year low against the dollar last week, as a combination of dollar strength and recession concerns hit the British currency.
Data due Monday included construction output figures for the eurozone. Luis de Guindos, vice president of the European Central Bank, was also due to make a speech in Madrid at 10:00 a.m. London time.
Shares in Asia-Pacific fell on Monday, and U.S. stocks also opened lower.
The Fed’s two-day meeting is due to begin Tuesday, with markets expecting a 75-basis-point rate hike as the central bank strives to get soaring prices under control.
MON, SEP 19 2022 9:31 AM EDT
U.S. stocks open lower
U.S. stocks opened lower Monday as investors looked ahead to the Federal Reserve’s two-day meeting this week.
The Dow Jones Industrial Average was down 0.8% in early morning trade. The S&P 500 and the Nasdaq were both 0.9% lower.
MON, SEP 19 2022 7:07 AM EDT
Rheinmetall up 3.7%
On Monday, German arms manufacturer Rheinmetall rose 3.7% on the news that it had won an order for particular vehicles for the German armed forces.
The Bundeswehr has contracted with Rheinmetall to buy 48 fuel tank trucks for use at numerous German Army and Air Force airfields.
MON, SEP 19 2022 4:59 AM EDT
Porsche up almost 3%
Porsche shares rose almost 3% in early trade Monday after German carmaker Volkswagen said it was aiming for a valuation of up to 75 billion euros for the luxury brand when it is floated on the stock market.
Porsche was last seen trading up 2.5%, while Volkswagen was slightly above the flatline.
MON, SEP 19 2022 3:12 AM EDT
European markets open in the red
European markets opened well into the red Monday. Here’s where stocks were after 15 minutes of trading:
France’s CAC is down 0.94%
Germany’s DAX is down 0.58%
Italy’s FTSE MIB is down 0.92%
Spain’s IBEX is down 0.4%
MON, SEP 19 2022 3:03 AM EDT
Treasury yields tick higher
Treasury yields ticked higher early Monday.
The yield on the 2-year Treasury bond rose one basis point to trade at 3.8713% at 2:45 a.m. ET. It comes after the yield climbed above 3.9% last week — a level last seen in November 2007.
Meanwhile, the yield on the 10-year Treasury was less than a basis point higher at 3.4554%. Yields move opposite prices. One basis point is equivalent to 0.01%.
MON, SEP 19 2022 2:21 AM EDT
European stocks slid last week
The pan-European Stoxx 600 slipped 2.89% last week:
MON, SEP 19 2022 2:20 AM EDT
UK stock markets closed as the country marks Queen Elizabeth’s death
In a release last week, the London Stock Exchange Group said it was “deeply saddened at the passing of Her Majesty Queen Elizabeth II.”
“The day of the funeral of Her Majesty Queen Elizabeth II, 19 September 2022, has been declared a UK bank holiday. Therefore, London Stock Exchange (the “Exchange”) on Exchange markets will be closed,” it added.
“We are deeply saddened at the passing of Her Majesty Queen Elizabeth II. Our sympathies and condolences are with The Royal Family.” – London Stock Exchange Group pic.twitter.com/XQj6g2UWDv
— LSEG (London Stock Exchange Group) (@LSEGplc) September 8, 2022
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