2023-05-22 17:35:00
© Archyde.com. The movement of shares of the German DAX index is shown on screens at the Frankfurt Stock Exchange on Monday. Archyde.com photo
(Archyde.com) – European stocks closed flat on Monday, as investors awaited the outcome of talks to raise the US debt ceiling and assessed the outlook for monetary policy in the United States and Europe.
The European index closed unchanged following touching its highest level in more than a year on Friday. The German index closed down 0.3 percent, following hitting an all-time high in the previous session.
US President Joe Biden and Republican House Speaker Kevin McCarthy are scheduled to meet on Monday to discuss raising the federal government’s debt ceiling, just 10 days before the United States faces an unprecedented default.
European Central Bank member François Villeroy de Gallo indicated that the bank’s interest rate hike will likely peak by the end of summer.
The ECB’s chief economist Philip Lane said the bank’s policy had been effective, and investors still appeared confident in the bank’s ability to bring inflation back to its 2 percent target.
ST Microelectronics rose 0.7 percent and ASM International rose 1.9 percent.
Ryanair rose 1.3% and Novo Nordisk 2.6%.
On the other hand, shares of Decra Pharmaceutical fell 13 percent, leading the declines in the Stoxx 600 index, amid expectations that annual profits will be less than its previous expectations.
(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Ali Khafaji)
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