European Stocks Rise Sharply on Monday
European stocks closed sharply higher on Monday, erasing the declines from the two prior sessions as markets reassessed the outlook on AI deployment and infrastructure development. The Euro STOXX 50 gained 1.9% to 6,290 and the STOXX Europe 600 added 1.3% to 656.6. UniCredit shares surged nearly 7% after the lender posted strong earnings and signaled that it could take control of German counterpart Commerzbank by the end of the month. Other banks also closed higher, with Santander, BBVA, and Deutsche Bank adding between 2.5% and 3.5%. Similarly, Banco BPM soared 10.7% after French Credit Agricole, which already controls around 30% of the Milanese bank, stated interest in acquiring the lender. Meanwhile, AI infrastructure stocks rebounded sharply from their selloff on Friday as markets eased concerns that a Democratic-led US Congress would slow datacenter development. ASML jumped 4.7% and Infineon gained 6.2%.
European stocks closed sharply higher on Monday, erasing the declines from the two prior sessions as markets reassessed the outlook on AI deployment and infrastructure development. The Euro STOXX 50 gained 1.9% to 6,290 and the STOXX Europe 600 added 1.3% to 656.6. UniCredit shares surged nearly 7% after the lender posted strong earnings and signaled that it could take control of German counterpart Commerzbank by the end of the month. Other banks also closed higher, with Santander, BBVA, and Deutsche Bank adding between 2.5% and 3.5%.
Similarly, Banco BPM soared 10.7% after French Credit Agricole, which already controls around 30% of the Milanese bank, stated interest in acquiring the lender. Meanwhile, AI infrastructure stocks rebounded sharply from their selloff on Friday as markets eased concerns that a Democratic-led US Congress would slow datacenter development. ASML jumped 4.7% and Infineon gained 6.2%.