AUTOS BOUNCE BACK, DAX OUTPERFORMS

The STOXX 600 SXXP rose slightly in early trading on Monday, up 0.4%, kicking off November on a strong footing after four straight months of gains that have propelled the regional benchmark to record levels.

Most sectors were in the black, including heavy-weighted banks (.SX7P), and energy (.SXEP), both up around 1%. Miners (.SXPP) lagged and travel (.SXTP) softened as airline Ryanair 0RYA declined following results.

Autos (.SXAP) rose 2%, as the space bounced back following reassuring comments from Nexperia, which makes chips used in cars, about the lifting of a block on its shipments.

Siemens Energy ENR rose 3% after bullish Morgan Stanley remarks ahead of the power equipment maker’s earnings next week. Siemens Energy was one of the top four gainers among euro zone blue chips STOXX50, along with other German firms: carmakers Mercedes-Benz MBG and Volkswagen VOW, and bank Deutsche Bank DBK.

As a result, the DAX DAX – which has recently lagged peers in Europe after a strong rally earlier in the year, outperformed, up 0.8%. London’s FTSE 100 CURRENCYCOM:UK100 added 0.2%.

(Danilo Masoni)

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