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European Stocks Gain Traction as Financial Equities, Utilities March Higher

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European equity benchmarks were advancing on Monday morning as financial stocks, electricity utilities and packaging companies edged higher against a backdrop of mixed oil prices and a slight softening in Eurozone retail trade volumes.

In economic news, Eurozone retail trade volumes were 0.1% lower in January when compared to December, according to data published by Eurostat, the statistical office of the European Union (EU). The drop in volume was attributed to a 0.3% fall in non-food products and a 0.2% fall for food, drinks and tobacco, while volumes of automotive fuel rose by 0.1%.

In equities, paper-based packaging companies Smurfit Kappa Group (SKG.L) and DS Smith (SMDS.L) were leading the FTSE 100 gainers, 4.3% and 3.5% higher, respectively, while property development company Persimmon (PSN.L) was 2.1% higher and building materials provider CRH (CRH.L) was up by 2.0%.

On Frankfurt's DAX, energy companies RWE (RWE.DE) and E.ON (EOAN.DE) were 3.6% and 1.8% higher, respectively, while Allianz (ALV.DE) and Deutsche Bank (DBK.DE) were 2.1% and 1.5% higher, respectively. And, on Paris' CAC-40, cement and concrete producer LafargeHolcim (LHN.PA) was 2.0% higher, luxury goods retailer Kering (KER.PA) was up by 1.7%, oilfield services major TechnipFMC (FTI.PA) was up by 1.7%. Electricity utility SchneiderElectric (SU.PA) was 1.5% higher.

The pan-European Stoxx 600 Index was 0.55% higher, London's FTSE 100 Index was up by 0.19%, Frankfurt's DAX was 0.59% higher and Paris' CAC-40 was up by 0.31% at the time of writing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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