European stocks rallied on Monday (November 10th), rebounding from a three-week low hit on Friday, as investors welcomed early signs that the historic US government shutdown was nearing an end and as fears of a tech bubble ebbed last week.
The STOXX 50 jumped 1.8% to 5,670 points, while the broader STOXX 600 gained 1.5% to 573 points, after US House Speaker Mike Johnson said the House of Representatives should vote "as soon as possible" following Sunday's narrow Senate approval of the first phase of a bill to end the government shutdown. Optimism was further bolstered by a wave of upbeat corporate news.
Commerzbank jumped 6.2% after receiving a "Buy" rating upgrade from Deutsche Bank. Siemens Energy rose 4.6% after a similar upgrade from Jefferies. Diageo rose 5.7% after appointing former Tesco CEO Dave Lewis as its new chief executive. Meanwhile, Novo Nordisk rose 1.2% after withdrawing its bid for US weight-loss drug maker Metsera, ending its bidding battle with Pfizer. (alg)
Source: Trading Economics
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