European Stocks Close Broadly Higher

(RTTNews) - European stocks closed broadly higher on Monday with investors reacting positively to news about China unveiling a sweeping rescue package to salvage its real estate market.

Comments by a top Federal Reserve Official warning against bets of the U.S. Federal Reserve turning too dovish weighed a bit on sentiment. Federal Reserve Governor Christopher Waller said on Sunday that any slowdown in the pace by rate increases by the Federal Reserve at its next meeting should not be seen as a "softening" of its battle against inflation.

The pan European Stoxx 600 edged up 0.14%. The U.K.'s FTSE 100 climbed 0.92%, Germany's DAX surged 0.62% and France's CAC 40 gained 0.22%, while Switzerland's SMI ended 1.15% down.

Among other markets in Europe, Belgium, Denmark, Finland, Greece, Netherlands, Norway, Poland, Portugal, Russia, Spain and Turkiye ended higher.

Czech Republic, Iceland and Ireland closed weak, while Austria and Sweden settled flat.

In the UK market, Ocado Group soared 14%.

Informa surged nearly 6% after raising its full-year earnings guidance.

B&M European Value Retail, BT Group, Admiral Group, GSK, Severn Trent, Halma, IAG, Rolls-Royce Holdings, AstraZeneca, United Utilities, Imperial Brands, British American Tobacco, HSBC Holdings, Standard Chartered, Reckitt Benckiser and Glencore gained 2 to 5%.

Harbour Energy plunged nearly 10%. ICP drifted down 3.7%, while Unite Group ended nearly 2.5% down.

In the German market, Infineon Technologies rallied about 7%. Merck gained nearly 5% and Zalando gained almost 3%. Bayer, Fresenius, E.ON, Siemens Healthineers, HelloFresh, BASF, Fresenius Medical Care and Munich RE gained 1 to 2.5%.

Adidas ended 2.7% down and RWE dropped 2.2%. Brenntag and Puma also ended notably lower.

In Paris, Teleperformance surged 5.4%. STMicroElectronics gained about 3%, while Carrefour, Sanofi, Danone, Engie, Veolia, Air Liquide, Atos, Orange and Renault advanced 1 to 2.3%.

WorldLine shares drifted down nearly 3%. Faurecia, Hermes International, Safran and Unibail Rodamco lost 1 to 1.6%.

In the Swiss market, shares of pharmaceutical company Roche drifted lower after its much-awaited drug for Alzheimer's disease failed two long-awaited trials.

In economic news, Eurozone industrial production grew at a slower pace in September largely due to the fall in energy output, data published by Eurostat showed.

Industrial production gained only 0.9% from August, when output was up 2%. Nonetheless, the pace of increase was bigger than the 0.3% rise expected by economists.

Industrial production of the EU27 climbed 0.9% on month, taking the annual increase to 5.7% in September.

Switzerland's producer and import price inflation eased for the fourth successive month in October to the lowest level in just over a year, data from the Federal Statistical Office showed.

Producer and import prices rose 4.9% year-on-year in October, slower than the 5.4% increase in September, the data showed.

The producer price index climbed 3.4% annually in October, and import prices registered a sharp increase of 7.7%.

On a monthly basis, producer and import prices showed no variations in October, following a 0.2% gain in the prior month.