The pan-European Stoxx 600 index closed 0.9 per cent higher, coming off a five-day losing run
NEW YORK, NEW YORK - JULY 22: Traders work on the floor of the New York Stock Exchange on July 22, 2024 in New York City. Markets were up in morning trading as the world reacted to the news that U.S. President Joe Biden has ended his re-election campaign and endorsed Vice President Kamala Harris.
Most sectoral indexes closed higher, with technology shares adding 1.8 per cent, coming off their worst weekly drop in over three years, as some chip stocks rebounded following the global sell-off seen last week when investors fretted over the prospects of possible US trade restrictions.Bucking the more positive trend, Ryanair shares fell 17.2 per cent to €13.
The positive market bounce saw Bank of Ireland shares rise almost 3 per cent to €10.44. Rival AIB fell 0.6 per cent to €5.35.China-exposed luxury firms such as LVMH, Kering and Hugo Boss advanced between 1.2 per cent and 4.3 per cent after Beijing surprised markets by cutting big short and long-term interest rates, its first such broad move since August last year, signalling intent to boost growth in the world’s second-largest economy.
Later in the week, some of the region’s largest lenders including Spain’s Santander, France’s BNP Paribas, Germany’s Deutsche Bank and Italy’s UniCredit are all slated to report their quarterly numbers throughout this week.The London market was stronger on Monday after it rebounded from concerns over the Microsoft IT outage which disrupted a raft of industries.
Stocks firmed after a three-day sell-off, with megacaps such as Alphabet, Meta Platforms and Tesla gaining between 1.8 per cent and 3 per cent.
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