LONDON – European equities rose mostly Monday morning, reflecting trading in global markets.
Pan-European Stoxx 600 added 0.14% to early transactions, with travel and leisure stocks rising 0.7% to drive gains, while the food and beverage sector fell 0.4%
The positive start for European markets continues cautiously optimistic trading in the Asian and Pacific markets on Monday, with investors following Alibaba’s actions in Hong Kong, following a new development between the Ant Group subsidiary and billionaire founder Jack Ma.
Alibaba’s Hong Kong-listed shares fell 1.7% on Monday, after Ant Group said in a tweet that a recent Reuters report that the company was looking for ways to exit Jack Ma was “untrue and unfounded.”
For the long term, US stock index trading was mixed on Monday, after the S&P 500 and Dow Jones Industrial Average closed at record highs on Friday.
The earnings season began last week, when major US banks reported quarterly results, and a number of companies are due to provide updates this week. Ten Dow components will report, along with 72 S&P 500 companies. Coca-Cola, IBM and United Airlines are among the companies that will report earnings on Monday.
Current account and euro area production data for February are due; no other major data or revenue versions are expected.
In terms of individual stock price movement, online gambling operator Kindred Group rose 5% at the start of trading to drive the Stoxx 600.
At the bottom of the index, CNH Industrial in Italy fell 4.5% after concluding talks on the sale of its Iveco truck manufacturing business to Chinese company FAW.
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– CNB’s Eustance Huang and Pippa Stevens helped report the story.