Europe Markets

European stocks close higher as investors monitor data and OPEC+ clash; Morrisons surges 11%

Share
Key Points
  • The pan-European Stoxx 600 closed up around 0.3% provisionally, having fluctuated either side of the flatline earlier in the day.
  • Euro zone business activity expanded at its sharpest rate for 15 years as Covid-19 restrictions were unwound across the continent, data showed.

LONDON — European stocks closed higher on Monday, with investors digesting new data which showed euro zone business activity surging in June.

The pan-European Stoxx 600 closed up around 0.3% provisionally, having fluctuated either side of the flatline earlier in the day. Banks jumped 1.8% to lead the gains, while health care stocks slipped 0.4%.

U.S. markets were closed for the session due to the July 4 holiday weekend.

The choppy session for Europe comes against a similar backdrop overnight in Asia-Pacific, where shares were mixed in Monday trade as Brent crude futures rose above $76 ahead of another meeting between OPEC and its allies.

The group, known as OPEC+, was supposed to hold crunch talks on Monday following disagreements in the group last week over extending the duration of oil production cuts. The United Arab Emirates objected to the move.

However, after a two-hour delay, Reuters, citing two sources, said that the meeting had been postponed with no new date set. Bloomberg also reported that it meant OPEC+ would continue with production quotas at current levels.

Stock picks and investing trends from CNBC Pro:

Goldman Sachs names its top reopening stocks as England drops travel quarantine rules

June's final euro zone purchasing managers' index showed business activity expanding at its sharpest rate for 15 years as Covid-19 restrictions were unwound across the continent. IHS Markit's final composite PMI reading came in at 59.5, up from 57.1 in May and ahead of a "flash" estimate of 59.2.

In terms of individual share price movement, British supermarket chain Morrisons surged 11.6% after a third private equity group joined the race to acquire the company.

At the bottom of the European blue chip index, Dutch tech investment firm Prosus fell 6.1% after China escalated its crackdown on newly-listed ride hailer Didi.

Enjoyed this article?
For exclusive stock picks, investment ideas and CNBC global livestream
Sign up for CNBC Pro
Start your free trial now