LONDON — European markets closed slightly higher on Monday, as investors digest a surprisingly low Chinese inflation reading and look ahead to key U.S. data and corporate earnings later in the week.
European markets
The pan-European Stoxx 600 ended up 0.2%, having reversed opening losses of around 0.3%. Travel and leisure stocks added 1.3% to lead gains while mining stocks shed 0.6%.
The European blue-chip index closed out its worst week for almost four months on Friday as hawkish tones from central bankers and resilient U.S. economic data deepened concerns that interest rates will stay higher for longer.
Chinese annual producer prices fell for a ninth consecutive month in June as consumer prices remained unchanged, official data showed Monday, highlighting the challenges faced by the world's second-largest economy in reviving demand and jump-starting economic growth.
Shares in Asia-Pacific were mixed on Monday as caution prevailed, while investors will also be awaiting key inflation reports this week, including the U.S. consumer price index report due Wednesday and the producer price index on Thursday.
U.S. stocks rose on Monday as investors prepared for the slate of inflation data and the start of second-quarter earnings season. Finance behemoths BlackRock, JPMorgan Chase, Wells Fargo and Citi will all report.
U.S. stocks closed lower on Friday after the Labor Department's June jobs report showed payrolls increased less than expected, cooling down from May. Nonfarm payrolls rose by 209,000, while the unemployment rate came in at 3.6%. The figures increased expectations that the Federal Reserve will have to restart interest rate hikes this month.
There are no major corporate earnings or economic data releases due out of Europe on Monday.
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July 10, 2023 at 10:53PM
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European markets close slightly higher after China's low inflation reading - CNBC
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