People take in views of the Eiffel Tower from the Trocadero, Paris, France October 29, 2023.
This is CNBC's live blog covering European markets.
European markets on Monday logged a positive start to the new trading week, as investors wait for euro zone consumer confidence data and key monetary policy meetings.
The pan-European Stoxx 600 index provisionally closed 0.78% higher. Stocks extended gains after the U.S. open, as the Dow Jones Industrial Average and S&P 500 both climbed to record highs.
Technology stocks rallied 2.1% while banks and retail stocks both gained over 1.2%. However, Germany's Commerzbank slipped 3.4% after Bank of America Global Research downgraded the stock to "underperform" from "neutral."
French lottery operator La Francaise des Jeux jumped toward the top of the European benchmark, up more than 6%, on confirmation that it would acquire Swedish gambling company Kindred for $2.7 billion.
On the other end, shares of Swiss heating and ventilation business Belimo closed nearly 8% lower after its 2023 revenues came in below estimates.
Elsewhere overnight, Asia-Pacific markets were mixed on Monday as China kept its loan prime rates unchanged, as expected.
Money Report
The Bank of Japan's two-day monetary policy meeting began Monday, and will announce its policy decision on Tuesday.
The European Central Bank will announce its monetary policy decision Thursday.
European stocks close higher
European stocks closed higher Monday, partially rebounding from last week's losses.
The Stoxx 600 index closed 0.78% higher. Germany's DAX was up 0.77%, France's CAC 40 up 0.56% and the U.K.'s FTSE 100 up 0.35%.
— Jenni Reid
European stocks close higher
European stocks closed higher Monday, partially rebounding from last week's losses.
The Stoxx 600 index closed 0.78% higher. Germany's DAX was up 0.77%, France's CAC 40 up 0.56% and the U.K.'s FTSE 100 up 0.35%.
— Jenni Reid
Period of slower global growth will give way to ‘healthier’ expansion, Citi says
Steven Wieting, chief investment strategist and chief economist at Citi Global Wealth, explains why he believes the global economy does not need a recession to clear out excess price pressures, and will emerge stronger after this year.
U.S. stocks open up
U.S. stocks opened higher on Monday, bringing the Dow and S&P 500 further into uncharted waters.
The S&P 500 rose 0.3% shortly after 9:30 a.m. ET, while the Dow traded higher by 93 points, or 0.3%. Both notched new all-time highs to start the week.
Meanwhile, the Nasdaq Composite added 0.5%.
— Alex Harring
UBS sees a 10% spike for gold this year
Gold prices could close the year as much as 10% above current levels on the back of potential interest rate cuts, UBS strategists said, despite declines at the start of 2024.
A UBS note on Friday described recent price moves as "minor" in the context of the precious metal's 15% climb through 2023 and said the "power of the [Federal Reserve]'s policy pivot should not be underestimated."
Analysts at Scotiabank retained a more cautious outlook, but revised their price guidance higher. In a Monday note, they said they had adopted higher gold and silver prices for this and next year, and moved their year-end gold forecast to $2,000 per ounce, from $1,900 per ounce, previously.
Read more here.
— Jenni Reid
Stocks on the move: Fdj up 5%, Belimo down 7%
French lottery operator La Francaise des Jeux jumped to the top of the Stoxx 600 in early deals Monday, up 5%, on confirmation that it would acquire Swedish gambling company Kindred for $2.7 billion.
On the other end, shares of Swiss heating and ventilation business Belimo fell 6.6% after its 2023 revenues came in below estimates.
Finnish IT company Tietoevry also dipped 1.8% after reporting that it suffered a ransomware attack, causing outages for some Swedish firms.
— Karen Gilchrist
CNBC Pro: These 4 anti-obesity drug stocks could soar, Berenberg says – giving one 44% upside
The anti-obesity drug market is expected to remain in focus this year after a bumper 2023 for weight loss drug makers Novo Nordisk and Eli Lilly, according to Berenberg.
The Germany-headquartered investment bank expects a combination of new clinical data and the expiry of Novo's patent for the active ingredient in first-generation GLP-1 drugs to unleash new opportunities for several generic drug manufacturers in Europe. GLP-1 drugs encourage the production of hormones that cause weight loss through reduced appetite.
Berenberg's analysts have named 4 stocks of generic drug makers that are set to benefit from the expiry of these patents.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Morgan Stanley names its biopharma stock favorites as "strength against an uncertain macro" — and gives one 119% upside
The biopharmaceutical sector is expected to offer a safe haven from macroeconomic and earnings concerns ahead of quarterly results from European companies, according to Morgan Stanley.
The Wall Street bank said European biopharma stock prices should be supported in the near term due to its "undemanding valuations and a backdrop of challenging macro conditions and cyclical earnings risk".
The investment bank named 8 stocks with a 'Buy' rating in the sector, and gave one 119% upside potential. CNBC Pro subscribers can read more here.
— Ganesh Rao
European markets: Here are the opening calls
European markets are set to open in positive territory Monday.
The U.K.'s FTSE 100 index is expected to open 26 points higher at 7,488, Germany's DAX up 131 points at 16,680, France's CAC up 59 points at 7,427 and Italy's FTSE MIB up 264 points at 30,592, according to data from IG.
Flash euro zone consumer confidence data for January is due.
— Holly Ellyatt
