ROME: European stock markets moved mainly higher on Monday as investors geared up for a busy week of economic events, including inflation data and the European Central Bank meeting.
The Stoxx Europe 600 index SXXP, +0.19% rose 0.3% to 384.87, extending its monthly advance to 2.5%. That would mark a second straight month of gains for the pan-European index, after rallying 8% in October when global central banks hinted monetary policy would stay accommodative.
In that vein, the ECB meeting on Thursday this week remains a key event for financial markets after ECB President Mario Draghi at an October news conference emphasized the central bank’s willingness to do more to boost growth and inflation. Economists widely expect the ECB to extend the horizon of its current quantitative-easing program, which is currently slated to end in September 2016. Some economists further forecast a cut to the deposit rate.
Inflation data are also looming this week, which could put additional pressure on the central back to launch further easing. Consumer-price data for Germany are due at 1 p.m. London time, or 8 a.m. Eastern Time, on Monday, while the eurozone number comes out on Wednesday.
Index moves: Germany’s DAX 30 index DAX, +0.63% was up 0.7% to 11,376.71 ahead of the inflation release, propped up by a 3.1% rise for Infineon Technologies AG IFX, +4.10% The chip maker is on track for a 26% monthly gain, which would be the best monthly rise since March 2010.
France’s CAC 40 index PX1, +0.31% added 0.5% to 4,953.58, while the U.K.’s FTSE 100 index UKX, -0.30% dropped 0.2% to 6,365.44. The British benchmark was weighed by its miners as iron ore prices slumped amid a continued commodities rout. Shares of BHP Billiton PLC BLT, -5.31% BHP, -2.00% BHP, -3.62% fell 4%, Anglo American PLC AAL, -3.26% lost 2.2% and Glencore PLC GLEN, -1.58% GLCNF, +0.74% 0805, -2.53% gave up 1.7%.
