Stocks listed in Europe were higher on Monday, as investors monitored the impact of a potential U.S. government shutdown later in the week.
The pan-European Stoxx 600 was up about 0.14% by 3:25 p.m. in London (10:25 a.m. Eastern time), with most sectors in positive territory.
The FTSE 100 traded 0.17% higher, although the DAX gave back morning gains and was flat by midday as the CAC 40 climbed 0.3%.
Lufthansa rose 1.3% after it said its free cash flow would generate over 2.5 billion euros ($2.93 billion) a year. It set earnings targets of 8%-10% over the next two years at its first capital markets day in six years. The airline group also said it was cutting 4,000 jobs — mainly administrative roles based in Germany — by 2030 through digitalization and automation, and will invest 600 million euros ($704 million) in a cargo hub at Frankfurt airport.
Pharmaceutical stocks advanced, with Belgium’s UCB surging 16.4% after its Bimzelx skin treatment outperformed rivals in Phase 3 trials.
GSK traded 2.5% in higher after the British drugmaker said Luke Miels will replace Emma Walmsley as CEO when the latter steps down in December, while Astrazeneca added 0.8% after it said it would list shares in New York while also remaining on the London market.
Danish biotech company Genmab, meanwhile, fell about 3% after announcing plans to acquire Utrecht-based cancer drugmaker Merus in a deal worth $8 billion.
Spain’s inflation rate accelerated in September to 3%, up from 2.7% in August. The EU’s economic sentiment indicator will also be released Monday.
Stateside, the S&P 500 rose climbed 0.4% as Wall Street tried to regain its footing after a week in which the artificial intelligence trade lost some steam. The Nasdaq Composite advanced 0.9% and the Dow Jones Industrial Average traded around the flatline.
U.S. President Donald Trump will meet with Democrat and Republican representatives in Congress later in the day with the aim of securing a deal on government funding and avoiding a shutdown.
In the U.K., the ruling Labour party’s annual conference began in Liverpool this week, with Finance Minister Rachel Reeves’ keynote address on Monday afternoon interrupted by a heckler.
In Asia, markets traded broadly higher, with Sony Financial Group soaring 36% after spinning out of its parent Sony Group.
— Lee Ying Shan contributed to this article.
