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Markets

European stocks open higher with Fed meeting in focus; Dax up 0.72%

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Investing.com -

Investing.com - European stocks were higher on Monday, as all eyes were on the Federal Reserve's upcoming policy decision this week.

During European morning trade, the EURO STOXX 50 gained 0.58%, France's CAC 40 advanced 0.84%, while Germany's DAX 30 climbed 0.72%.

Most investors expect the Fed to raise interest rates for the first time since June 2006 at its upcoming meeting on December 15-16.

Market participants also continued to focus on oil prices after they fell to the lowest levels since early 2009 on Friday amid expectations that a global supply glut will worsen next year.

Falling oil prices have sparked renewed concerns over the health of the global economy and weighed on global inflation.

Financial stocks were broadly higher, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) added 0.10% and 0.30%, while Germany's Deutsche Bank (DE:DBKGn) gained 0.34%.

Among peripheral lenders, Italy's Intesa Sanpaolo (MI:ISP) inched up 0.07%, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced 0.46% and 0.61% respectively.

Elsewhere, Zurich Insurance Group AG (VX:ZURN) was up just 0.04% after the company appointed Gary Shaughnessy as chief executive officer of its global life business, replacing Kristof Terryn.

In London, FTSE 100 climbed 0.68%, as U.K. lenders tracked their European counterparts higher.

Shares in the Royal Bank of Scotland (L:RBS) edged up 0.11% and Lloyds Banking (L:LLOY) rose 0.27%, while Barclays (L:BARC) gained 0.73% and HSBC Holdings (L:HSBA) rallied 1.31%.

Meanwhile, mining stocks were mixed. Shares in Glencore (L:GLEN) dipped 0.02% and Randgold Resources (L:RRS) retreated 0.97%, while Anglo American (L:AAL) rose 0.22%.

Shire PLC (L:SHP) saw shares tumble 1.65% amid reports the drugmaker is in takeover talks with Baxalta Inc. in a move to expand in rare diseases and fend off larger competitors

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.70% increase, S&P 500 futures signaled a 0.85% climb, while the Nasdaq 100 futures indicated a 0.74% advance.

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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.


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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