Global markets update: European stocks flat, oil rises
Chinese stimulus measures aimed at supporting the country’s beleaguered property sector. The pan-European STOXX 600 index ended at 457.96 points after rising as much as 0.9% earlier in the session. China’s financial regulators have lowered down-payment requirements for first and second-time home buyers and cut rates on existing mortgages.
In the property sector, another positive news also arrived that China's battered developer Country Garden had won approval from its creditors to extend a deadline for a key bond repayment. Britain’s FTSE 100 fell 0.2% at 7,279.51 points. Germany’s DAX edged down 0.1% at 15,284.85.
France’s CAC 40 slipped 0.2% at 7,279.51. Europe's technology index gained 0.5%. Shares of Dutch semiconductor equipment maker ASML rose 0.8%.
Miners added 0.6% after rising nearly 2% on a rally in iron ore futures. Automakers gained 0.3%. Danish drugmakerNovo Nordisk rose 0.7% after it launched its weight-loss injection Wegovy in Britain.
Ahead of the European Central Bank's policy meeting on September 14, investors are keenly awaiting data on German inflation and euro zone gross domestic product (GDP) due later in the week. Stock markets in the United States were closed for a public holiday on Monday on account of Labor Day. Asian markets climbed on Monday on Chinese stimulus.
A report showed a jump in new home sales in China. Hong Kong’s Hang Seng index climbed 2.5% at 18,844.16. China's Shanghai Composite added 1.4% at 3,177.06.
South Korean shares on Monday rose to three-week high, led by gains in battery makers. The benchmark Kospi closed up 20.84 points, or 0.81%, at 2,584.55. Japan’s Nikkei 225 edged up 0.7% at 32,939.18.
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