Tuesday, 28 May 2024

European stocks start the week cautiously amid geopolitical tensions


European stocks rose on Monday, with defense stocks among the biggest gainers, as investors assessed the broader repercussions of escalating tensions in the Middle East. Optimism about imminent interest rate cuts also contributed to improved sentiment.

According to Reuters, the European Stoxx 600 index rose 0.1%, led by the defense sector stock index, which rose 0.6% by 0713 GMT.

Among the most rising stocks was the Swiss software company Temenos, which jumped 15.6% after the company said that a “special committee” formed by the board of directors concluded that the accusations contained in a report by Hindenburg Research were incorrect and misleading.

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Ajays shares rose 3.6% after French bank BNP Paribas announced that it had reached an agreement with the Chinese Fosun Group to acquire its 9% stake in the Belgian insurance company for about 730 million euros.

Adidas shares also rose 3.5% after Morgan Stanley raised the German sportswear company’s rating to “overweight the stock in portfolios” from “underweight the stock in portfolios.”