European stocks close higher as traders digest rate hikes; FTSE closed; Italy's BMPS rallies
- Market players have spent weeks juggling concerns over inflation and interest rates, with the Bank of England due for a rate-setting meeting on Thursday.
- Both the Federal Reserve and the European Central Bank hiked rates by a quarter of a percentage point last week, with many now expecting the former to start cutting rates at some point during the summer.
LONDON – European indexes started the trading week on a positive footing, with traders looking ahead to more corporate earnings, economic data and a Bank of England rate decision this week.
European markets
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE 100 | 8,421.83 | +6.84 | +0.08% |
| .GDAXI | DAX | 18,710.60 | -31.62 | -0.17% |
| .FCHI | CAC 40 Index | 8,200.01 | -9.27 | -0.11% |
| .FTMIB | FTSE MIB | 34,833.81 | +17.90 | +0.05% |
| .IBEX | IBEX 35 Idx | 11,182.80 | +30.80 | +0.28% |
France's CAC 40 and the Italian FTSE MIB closed marginally higher on Monday, while the German DAX ended the session flat. The U.K.'s FTSE 100 was closed for a public holiday after the coronation of King Charles III.
Market players have spent weeks juggling concerns over inflation and interest rates, with the Bank of England due for a rate-setting meeting on Thursday. Both the Federal Reserve and the European Central Bank hiked rates by a quarter of a percentage point last week, with many now expecting the former to start cutting rates at some point during the summer.
In individual stocks news, Italy's Banca Monte Dei Paschi rose 5% in morning deals after a report said the Italian Treasury is open to reducing its 64% stake in the lender.
Asia-Pacific markets largely rose on Monday, with the only outlier being Japan, which saw the Nikkei 225 fall. Minutes from Japan's March monetary policy meeting showed board members were concerned over inflation accelerating at a higher-than-expected pace.
U.S. stocks opened flat on Monday as investor attention this week turns to April's consumer price index due out Wednesday, followed by the producer price index on Thursday.
—CNBC's Jihye Lee and Samantha Subin contributed to this article.