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European Markets Close Higher as Investors Digest Data, Central Bank Moves

RAMON VAN FLYMEN | AFP | Getty Images
  • Investors in the region digested the latest decision from the European Central Bank, which kept interest rates unchanged in spite of record inflation levels across the euro zone.
  • Traders are also weighing a much stronger-than-expected jobs report and its potential impact on U.S. monetary policy going forward.

LONDON — European stocks closed higher on Monday as investors continued to consider last week's jobs data from the U.S. and central bank decisions in Europe.

The pan-European Stoxx 600 closed up by 0.7%, with most sectors and major bourses in positive territory. Travel and leisure stocks climbed 3.1% to lead the gains.

In terms of individual share price action, Swedish health care company AddLife climbed more than 7% to lead the Stoxx 600 after repurchasing 181,000 of its own shares.

Toward the bottom of the European blue chip index, troubled French care home company Orpea fell 4.5% as it continues to suffer following allegations of malpractice in its homes.

Central bank decisions last week continued to dominate market sentiment. The European Central Bank kept interest rates unchanged in spite of record inflation levels across the euro zone, while the Bank of England decided to hike in its first back-to-back interest rate rise since 2004.

On Wall Street, stocks retreated Monday after the S&P 500 posted its best week of 2022.

Traders on Friday weighed a much stronger-than-expected jobs report and its potential impact on U.S. monetary policy going forward.

Earnings in Europe on Monday came from Sanofi, Vinci and Intesa Sanpaolo.

On the data front, German industrial production slipped by 0.3% in December, official statistics showed Monday, short of expectations for a 0.4% monthly rise.

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