European stocks close broadly higher

Brussels — European stocks closed higher on Monday as trade war worries eased a bit after US President Donald Trump struck a conciliatory tone in a post on Truth Social over the weekend with regard to tariffs on Chinese goods.

Trump, who previously threatened to slap steep new tariffs on China, said over the weekend that everything would be “fine” and Washington was not looking to “hurt” China.

Meanwhile, on the French political front, Prime Minister Sebastien Lecornu, who was reappointed on Friday, unveiled his cabinet amid budget turmoil that is scaring businesses and investors.

Firm metal prices triggered some strong buying in materials stocks. Meanwhile, investors braced for corporate earnings updates.

The pan-European Stoxx 600 closed up by 0.44%. The UK’s FTSE 100 gained 0.16%, Germany’s DAX climbed 0.6%, and France’s CAC 40 closed higher by 0.21%. Switzerland’s SMI edged up 0.03%.

Among other markets in Europe, Belgium, the Czech Republic, Ireland, Netherlands, Portugal and Spain ended on a firm note. Austria, Poland and Sweden edged up marginally. Denmark, Greece, Iceland, Norway, Russia and Turkey closed weak, while Finland ended flat.

In the UK market, miners Fresnillo and Endeavour Mining surged 9% and 11.3%, respectively. Antofagasta surged 5%, Anglo American gained about 4.2%, Glencore gained 3.3%, and Rio Tinto closed nearly 2% up. Persimmon, M&G, Land Securities, Berkeley Group Holdings, Mondi, Entain, Marks & Spencer, LondonMetric Property, Ashtead Group, Segro, St. James’s Place, The Sage Group, Legal & General, and Barratt Redrow also moved up sharply.

BAE Systems, Intertek Group, British American Tobacco, Babcock International, Burberry Group, Smiths Group, Vodafone Group, Airtel Africa, Admiral Group, and Scottish Mortgage closed notably lower.

In the German market, Siemens Energy, Fresenius Medical Care, Infineon, Siemens, RWE, Merck, Deutsche Bank, MTU Aero Engines, and Vonovia gained 1.3% to 2.4%.

In the French market, ArcelorMittal and Stellantis gained about 3% and 2.8%, respectively. Saint Gobain, Publicis Groupe, Dassault Systemes, Legrand, Sanofi, and Air Liquide also posted strong gains. Michelin closed down by about 2.7%. Kering, Danone, Orange, Edenred, and LVMH lost 1% to 1.7%.

Data from Destatis showed Germany’s wholesale price inflation accelerated in September, with prices rising by 1.2% year-on-year, following a 0.7% increase in August and a 0.5% rise in July. On a monthly basis, wholesale prices moved up 0.2%, in contrast to the 0.6% decrease in August.