LONDON — European stocks advanced on Monday, with investors continuing to weigh up the European Central Bank's latest policy decision and inflation data.
The pan-European Stoxx 600 climbed 0.5% in early trade, with oil and gas stocks adding 1.2% to lead gains while retail stocks fell 0.5%.
European investors continued to digest the European Central Bank's decision last week to slow down bond buying under its pandemic emergency purchase programme (PEPP) in response to higher inflation and stronger GDP growth across the euro zone.
The ECB also modestly revised up its medium-term inflation forecasts, a move that followed data showing euro zone inflation notched a decade high of 3% in August.
In terms of individual share price movement in Europe, Spanish renewables company EDP Renováveis climbed 3% in early trade to lead the Stoxx 600. At the bottom of the index, Swedish pulp and paper company Holmen fell 5.6%.
This coming week, global investors will be keeping an eye on the U.S. consumer price index for August, set to be released Tuesday; economists surveyed by FactSet are expecting the reading to show that consumer prices jumped 5.3% on an annual pace in August. Retail sales data will be released later in the week.
U.S. stock index futures were modestly higher during early premarket trading on Monday as the S&P 500 comes off its longest daily losing streak since February. Fears over slowing economic growth and rising inflation have weighed on the market.
All three major averages finished lower on Friday, with the Dow and S&P posting a fifth straight day of losses, while the Nasdaq Composite registered its third consecutive negative session.
In Asia-Pacific markets overnight, shares largely slipped in Monday trade, with stocks in Hong Kong leading losses. Hong Kong-listed shares of Alibaba dropped 4.47% following a Financial Times report that Beijing wants to break up Ant Group's Alipay and force the creation of a separate loans app.
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- CNBC's Pippa Stevens and Eustance Huang contributed to this market report.
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September 13, 2021 at 12:07PM
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European markets start the new trading week on a positive note - CNBC
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