European stocks soar, with exporters backed by lower euro
On Monday, European shares pushed higher, with a lower common currency and deal developments, including Syngenta AG backing a growth in the region’s equity benchmark.
The Stoxx Europe 600 gained 0.9%, being worth 343.26, with all sectors trading higher. As for leaders, they were telecoms and financials. On Friday, the pan-European index dropped 0.8%, extending the previous week’s loss to 1.7%.
Shares of some exporters were climbing up as the common currency lost ground against the greenback. The US dollar surged against its counterparts after on Sunday, Federal Reserve Vice Chairman Stanley Fischer on Sunday informed that the major US bank is close to objectives, suggesting the Fed might be able to increase interest rates soon.
The export-oriented German DAX 30 managed to earn up to 1.1%, trading at 10,656.39. A lower euro helps to make products from European companies more affordable to purchase for clients overseas.
The euro traded $1.1294 compared with Friday’s outcome of $1.323 in New York.