Benzinga - by Piero Cingari, Benzinga Staff Writer.
European equities ended Monday broadly positive, while the U.S. market was closed for the Memorial Day holiday.
Traders maintained an overall positive risk sentiment on European assets, driven by near-total certainty that the European Central Bank (ECB) will deliver a rate cut at its June meeting.
Three key ECB members — chief economist Philip Lane, Finland Central Bank governor Olli Rehn and France Central Bank governor François Villeroy de Galhau — made reassuring statements indicating a rate cut is imminent.
- “A June rate cut is appropriate if the inflation outlook holds,” Lane said.
- “Inflation is converging to our 2% target in a sustained way, making it the right time in June to ease the monetary policy stance and start cutting rates,” Rehn said.
- “Barring a surprise, a June rate cut is a done deal,” Villeroy said.
The euro, as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:FXE), inched 0.1% higher to 1.0840.
Monday’s Performance In Major European Indices
| Spain – IBEX 35 | iShares MSCI Spain ETF (NYSE:EWP) | 11,335 | 0.79% |
| Italy – FTSE MIB | iShares MSCI Italy ETF (NYSE:EWI) | 34,751 | 0.75% |
| France – CAC 40 | iShares MSCI France Index Fund (NYSE:EWQ) | 8,142 | 0.62% |
| EU – Euro Stoxx 50 | iShares Europe ETF (NYSE:IEV) | 5,065 | 0.58% |
| Germany – DAX | Global X Dax Germany ETF (NYSE:DAX) | 18,793 | 0.53% |
Monday’s Stock Movers In Europe Monday’s top performers on the Euro Stoxx 50 index included:
- RWE AG (OTCPK: RWEOY) +2.55%
- Bayer AG (OTCPK: BAYRY) +2.32%
- Volkswagen AG (OTCPK: VWAGY) +1.65%
- Enel Società per Azioni (OTCPK: ENLAY) +1.6%
- Iberdrola S.A. (OTCPK: IBRDY) +1.5%
- Eni S.p.A. (NYSE:E) +1.38%
Dutch chipmaker firm ASML Holding N.V. (NASDAQ:ASML) closed 0.2% higher, notching the third straight session of gains.
Among carmakers, Stellantis N.V. (NYSE:STLA) rose 1.5%. Ferrari N.V. (NYSE:RACE) closed up 0.7%, positively reacting to its victory in Sunday's Formula 1 Grand Prix in Monte Carlo.
Among major banks, UBS Group AG (NYSE:UBS) outperformed, up 1%.
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