European stocks traded mostly higher on Monday, rebounding after several sessions of weakness as investors looked for direction amid mixed corporate updates and steady economic data.
The pan-European Stoxx 600 index rose 0.3%, recovering part of Friday’s 0.5% decline, which had marked its fourth consecutive day of losses. Germany’s DAX gained 0.8%, while the UK’s FTSE 100 hovered near the flatline, and France’s CAC 40 slipped 0.1%.
Fresh data confirmed that eurozone manufacturing activity stagnated in October, as indicated by the final S&P Global Purchasing Managers’ Index, which came in at 50.0, matching the preliminary estimate and signaling no change in operating conditions. In September, the index had registered 49.8, reflecting a marginal contraction.
In corporate news, BP Plc (LSE:BP.) advanced after agreeing to sell its stakes in U.S. shale assets to Sixth Street in a $1.5 billion deal. Meanwhile, Renault (EU:RNO) surged following the announcement that it will sell a 26.4% stake in its Brazilian subsidiary, Renault do Brasil, to China’s Geely Automobile.
On the downside, Ryanair Holdings (LSE:0A2U) dropped sharply despite posting a 42% jump in first-half profits, as the airline warned of mounting fare pressure and external risks in the months ahead.
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