European markets closed higher Monday as investors digested two big economic data releases out of the euro zone, reports CNBC.
Positive recession
By closing, the pan-European Stoxx 600 had up 0.4%, with retail stocks down 0.5% and travel and leisure stocks up 1.5%. Stocks ended the month with a gain of about 6%.
The positive session followed a choppy week’s conclusion as investors processed the ECB’s decision to increase interest rates by 75 basis points.
Consumer price inflation
Consumer price inflation soared to a new high in October, and third-quarter growth slowed significantly, according to euro zone GDP and inflation data released on Monday, suggesting that the 19-member union may face more hardship in the future.
Even though China’s manufacturing activity fell short of estimates on Monday, shares in the Asia-Pacific region were generally higher overnight. While stocks on Wall Street fell on Monday, the major averages were on the verge of ending a two-month losing skid. Markets were anticipating a crucial interest rate decision at the US Federal Reserve meeting later this week.
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Source: CNBC
