AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,889 Decreased By -31.1 (-0.31%)
BR30 30,611 Decreased By -140.9 (-0.46%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

FRANKFURT: Europe’s main stock index logged its best day in six weeks on Monday, with defence stocks in the lead on prospects of higher military spending in Europe under a Donald Trump US presidency, with investors also awaiting key economic data this week.

The pan-European STOXX 600 closed 1.1% higher, with most sectors and regional bourses ending in positive territory.

The benchmark index had logged its third straight weekly decline on Friday as investors assessed the likelihood of tariffs after Republican Trump recaptured the US presidency. Underwhelming Chinese measures to revive its ailing economy also added to the losses.

However, investors piled into European defence stocks.

Trump has warned of scaling back US military support for Ukraine and forcing NATO members to spend 2% or more of their GDP on defence.

“Whatever the outcome of the war, it looks likely financial commitments to NATO’s budgets may have to be increased, which would potentially filter through to more military contracts,” Hargreaves Lansdown’s money and markets head Susannah Streeter noted.

Italy’s Leonardo, Germany’s Hensoldt, Rheinmetall and Renk and Sweden’s Saab jumped 3.5%-5.8%, with the broader defence index climbing 2.6% and hitting a record high.

However, the upbeat European market sentiment also likely got a boost from Wall Street’s record-breaking rally.

Euro zone inflation, third-quarter GDP and employment figures are some among the key data release scheduled from the bloc later this week. The minutes from the European Central Bank’s October policy meeting, at which it cut interest rates by 25 basis points, are due on Thursday.

US inflation reports this week will also be parsed for clues on the Federal Reserve’s future policy action, as analysts say Trump’s stated plans for tariffs, tax cuts and rolling back regulation could easily restoke inflation.

Among individual movers, Evotec soared 17% after private-equity firm Triton confirmed an around 10% stake in the German drug developer, and a media report said it was weighing a takeover bid.

German automotive and industrial supplier Continental jumped 10.6% after a third-quarter profit beat, aiding a 1.5% rise in the auto index.

Delivery Hero rose 5.2% on the food-delivery firm’s plans to list its Talabat business in Dubai in December.

Europe’s biggest company by market cap, Novo Nordisk, also rose nearly 4%, helping the healthcare index rise 1.5%.

On the flip side, Burberry lost 3.3% after Reuters reported Italy’s Moncler was not in talks to take over the British luxury brand.

The basic resources sector dropped 1.1% as copper prices fell owing to a strong dollar, which makes the dollar-priced metal more expensive for holders of other currencies, and as demand prospects from top consumer China remained weak.

Comments

200 characters