Both the STOXX 50 and STOXX 600 experienced a slight decline of approximately 0.1% on Monday, following significant losses from the previous week. The initial excitement surrounding strong US job rorts appears to be dimming, leaving traders cautious as they anticipate new market catalysts. Concurrently, ongoing tensions in the Middle East continue to impact sentiment.
The pharmaceutical sector faced notable pressure, particularly Sanofi which fell 2.2% after bidders for its consumer healthcare division adjusted their offers amid concerns regarding historical talc-based products. Other notable decliners included Bayer (-2.6%) and ASML Holding (-1%).
In contrast, LVMH saw a rise of 1.3%, with Kering jumping 1.4% and Inditex up 0.7%. Additionally, Richemont increased 1.3% following the announcement of its agreement to sell the struggling digital platform Yoox Net-a-Porter to the German online retailer Mytheresa.
The Euro Area Stock Market Index (EU50) has risen 453 points, reflecting a 10.02% increase since the beginning of 2024, according to contracts for difference (CFDs) that track this benchmark index. Analysts predict that the EU50 will reach 4898.94 points by the end of this quarter, with further estimates indicating a potential trading level of 4586.96 in the next twelve months.