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European stocks boosted by German data in holiday-thinned trading session - MarketWatch

European stocks boosted by German data in holiday-thinned trading session - MarketWatch

European stocks boosted by German data in holiday-thinned trading session - MarketWatch
May 25, 2020 1 min, 38 secs

European stocks rose to kick off the week on Monday, with investors inspired by countries reopening from pandemic shutdowns, and an upbeat business sentiment survey out of Germany.

markets will remain closed Monday for a Spring Bank holiday.

The German DAX.

jumped 1.6% after German business sentiment came in stronger than expected for May after a “catastrophic few months,” said the Ifo institute.

The gradual easing of the lockdown “offers a glimmer of hope” for business, said Clemens Fuest, Ifo president.

Ahead of that data confirmed a 2.2% slowdown in German first-quarter growth, marking the biggest decline since the financial crisis and pushing the economy into a recession.

It was followed Later in the morning, German business sentiment rose in May, beating forecasts as business expectations improved considerably, the Ifo Institute said Monday.

and China and rising Hong Kong unrest, but remain “somewhat optimistic regarding the reopening of businesses across the globe and hope for more monetary and fiscal stimulus,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in a note to clients.

House national security adviser Robert O’Brien said Sunday that the U.S.

“We need to be alert to efforts by some political forces in America to hijack China-US relations and who try to push the two countries toward a so-called ‘new Cold War’,” said China’s foreign minister Wang Yi in comments on Sunday, according to reports in the South China Morning Post and elsewhere.

In Europe, investors were cheered by news that major European countries are slowly reopening from shutdowns.

Churches in France reopened for Sunday Mass for the first time in two months, while Spain said it would reopen for international tourists from July and Germany and Italy are also slowly reopening its economy.

Drug stocks were on the move Monday, with shares of heavily-weighed Bayer AG.

Those sources cited said none of the deals have been signed yet.

traded higher, though Wall Street will remained closed on Monday for the Memorial Day holiday

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