European stocks rebound from the biggest weekly decline in 2024

European stocks started the week on a positive note today, Monday, to compensate for the sharp losses they incurred last week, while investors evaluate the repercussions of US President Joe Biden’s withdrawal from the electoral race.

By 0716 GMT, the European STOXX 600 index rose about 0.6% after recording its largest weekly loss in 2024 on Friday.

Most sector indices rose, with construction and materials rising 0.8% to be among the best performing indices. Belemo shares jumped 12.5% ​​after the Swiss manufacturer of heating and ventilation solutions raised its sales forecasts.

Investors are evaluating the impact of Biden abandoning his re-election bid yesterday, Sunday, while he supported his deputy, Kamla Harris, to be his Democratic Party’s nominee.

Ryanair shares fell 12.3% to the bottom of the STOXX 600 index after the low-cost airline announced a 46% drop in its quarterly profits, falling behind estimates.

This led to a decline in the sub-index of travel and entertainment companies by 0.9%.