European stocks rose on Monday after China unveiled a sweeping rescue package to salvage its real estate market.
The upside, however, remained limited after a top Federal Reserve official warned against bets of the U.S. central bank turning too dovish.
The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but that should not be seen as a “softening” of its battle against inflation, Federal Reserve Gov. Christopher Waller said on Sunday.
The pan European STOXX 600 edged up 0.2 percent to 432.97 after finishing marginally higher on Friday.
The German DAX gained 0.3 percent, while France’s CAC 40 index and the U.K.’s FTSE 100 both added around 0.4 percent.
The British pound eased ahead of the U.K. Chancellor’s Autumn Statement on Thursday where he is expected to set out tax rises and spending cuts.
Swiss pharmaceutical company Roche tumbled 3.9 percent after its much-awaited drug for Alzheimer’s disease failed two long-awaited trials.
Rheinmetall AG, a German automotive and arms maker, jumped 2.9 percent.
The company announced its agreement with Spain’s MaxamCorp. Holding S.L. to acquire Expal Systems S.A, a Madrid-based ammunition maker.
Orange, a French telecom major, rose 1 percent. The company said that its cyber-security arm, Orange Cyberdefense, has acquired SCRT and Telsys, two Swiss sister firms with expertise in cyber-security and related services for an undisclosed amount.
Miners Antofagasta and Glencore rose 1-2 percent as London copper prices hovered near a five-month high on China demand hopes.
John Wood Group, an engineering and consulting firm, plunged 5 percent after saying it has reached a settlement agreement with Enterprise Products Operating LLC on legacy lawsuit.
Indivior gained nearly 1 percent after it inked a deal to acquire Opiant for $20 per share or around $145 million in cash.
Informa, a publishing, business intelligence, and exhibitions company, jumped 5.2 percent after raising its full-year earnings guidance.
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