European stock markets soared on Monday and started a new week with positive moves, despite weak German industrial orders. This expects the Omicron variant of Covid19 to be at lower risk than previous diseases.
At 3:50 EST (Greenwich Mean Time 0850), Germany’s DAX rose 0.8%, France’s CAC 40 rose 0.5%, and the UK’s FTSE 100 rose 0.7%.
Uncertainty about its economic implications has shaken equities around the world as countries have set new restrictions to counter the emergence and spread of new variants of Covid.
In Europe, the week got off to a positive start, hoping that the new variants would only respond mildly, even if they were more contagious than the other versions. However, benefits can be cautiously curtailed as scientists try to determine if this is the case or the level of protection that existing Covid19 vaccines offer.
Economic data should also weaken somewhat. German factory orders fell 6.9% in October, down after a 1.3% increase last month. This weakened the largest economy in the euro area in the last few months of this year.
“Order data from today’s industry is cold for the German industry,” said Kartosen Bruzeski, an analyst at ING.
In company news, Anheuser Busch Inbev (BR: ABI)’s share has increased by one. The world’s largest brewery group under new CEO Michel Doukeris has set a goal of achieving annual core profit growth of 4% to 8% in the medium term.
The stock price of Saint-Gobain (PA: SGOB) rose 1.3 ter.
Elsewhere, Rio Tint (NYSE: RIO)’s share fell 1.3 Ter, JPMorgan lowered its target price, Deutsche Bank’s (DE: DBKGn)’ s share rose 3.3 Ter, and JPMorgan “overweighted” Deutsche Bank. Upgraded to, Just Eat Takeaway (AS: TKWY)) the share fell 4.3th. Bernstein has downgraded its share to “market performance”.
Crude oil prices rose on Monday after Saudi Arabia raised crude oil prices for the United States and Asia by up to 80 cents from the previous month. This is a sign of confidence in the strong demand in both regions.
By 3:50 AM EST, US crude oil futures rose 2.3% to $ 67.77 a barrel, and Brent contracts rose 2% to $ 71.29. Both benchmarks fell six times in a row last week, for the first time since November 2018 and for the first time since November 2018, as new coronavirus variants can affect fuel demand.
In addition, gold futures fell 0.1% to $ 1,781.95 / ounce and EUR / USD fell 0.2% to trade at 1.1290.