Stoxx 600 rises as investors shift focus to Federal Reserve

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Stoxx 600 rises as investors shift focus to Federal Reserve
Credit: © Reuters.

The Stoxx 600 index saw a 0.6% rise at the start of the week, driven by Israel's cautious military action in Gaza which has redirected investor attention towards the Federal Reserve for interest rate indications. This risk-on move resulted in most sectors trading positively, while oil prices experienced a drop due to the contained conflict in the Middle East.

Shares of Siemens (NS: SIEM ) Energy AG experienced an uptick after Joe Kaeser, its supervisory board chairman, debunked allegations of the turbine maker requiring a government bailout. Shares of Ascential PLC also saw an increase following its proposition to sell Digital Commerce to Omnicom Group (NYSE: OMC ) and WGSN to Apax Funds.

Despite announcing a $3 billion share buyback plan, shares of HSBC Holdings Plc (LON: HSBA ) remained relatively unchanged. There is growing concern about high rates and geopolitical issues potentially pulling down equities, fueled by disappointing regional earnings updates and downward earnings revision.

Investors will be closely monitoring central bank decisions from the Federal Reserve, Bank of Japan, and Bank of England this week, as they push forward recession estimates. Last week, ECB President Christine Lagarde confirmed that despite an unprecedented campaign to raise borrowing costs, the euro area would continue to face pressure.

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