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European stocks rise on banking gains
European stocks showed stability and an upward trend at the beginning of the week, with the STOXX 600 index rising by 0.65% to reach 635.65 points, driven by a rebound in the banking sector, which increased by 1.5% supported by the attractiveness of its yields compared to U.S. banks. This occurred despite pressures from rising oil prices and Middle Eastern tensions, alongside a decline in sovereign bond yields in the Eurozone, which boosted risk appetite as markets awaited corporate earnings results and the European Central Bank’s policy decisions. The ECB is expected to keep interest rates steady in October, with a possible 25 basis point hike in December to address inflation. Individual stocks, such as Nordex and Nabip Valoric, also recorded gains, while the telecommunications sector experienced the weakest performance with a 0.54% decline.
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