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European Shares Inch Higher On China Optimism
(RTTNews) - European stocks edged higher in cautious trade on Monday despite hawkish signals from Fed and ECB officials.
Optimism around China's recovery helped underpin sentiment as the country moves past the reopening.
The pan-European STOXX 600 edged up 0.3 percent to 465.51 after declining 0.2 percent on Friday.
The German DAX and France's CAC 40 both inched up around 0.1 percent, while the U.K.'s FTSE 100 was little changed with a positive bias.
Miners traded higher, with Anglo American and Glencore rising around 1 percent each, as prices of industrial metals rose on bets of demand recovery in China.
Valneva SE shares advanced 1.6 percent in Paris. The vaccine maker said the U.S. Food and Drug Administration has granted priority review to a Biologics License Application for the company's single-shot chikungunya vaccine candidate VLA1553.
Almirall, S.A. a Spanish pharmaceutical company, jumped 5.2 percent after reporting a rise in sales for fiscal 2022, driven by its European dermatology business.
Raiffeisen Bank International shares slumped 6 percent. The United States' sanctions authority has launched an inquiry into the Austrian bank over its business related to Russia.
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