The sun rises over frost-covered houses in December 2022 in London, England. As cold weather returned in January, UK electricity companies offered financial incentives to households to reduce their usage during peak hours.
Leon Neal | Getty Images News | Getty Images
LONDON — European stocks rose at the start of a new trading week as an agreement on a financing package that could end the U.S. government shutdown appeared close.
pan-european Stocks 600 The stock rose 1% in morning trading, with major stock exchanges and nearly all sectors in positive territory.
british FTSE As of 8:25 a.m. ET in London, the German index was up 0.5%. dachshund 1.4% increase, France CAC40 1% rise, Italy FTSE MIB Added 1%.
The advance comes after senators late Sunday night took a significant step toward a potential deal to end the historic government shutdown.
The bipartisan deal being debated in the Senate would reopen the government through January and reverse some of the federal government’s recent mass layoffs. A person familiar with the situation told CNBC that enough Democratic senators have agreed to vote in favor of the deal to pass the 60-vote minimum.
A University of Michigan study released Friday found consumer sentiment has fallen to its lowest level in more than three years due to concerns about the shutdown, and only a few major economic reports have been released during the shutdown.
Back in Europe, the technology sector was among the early leaders, with the Stoxx 600 Technology Index up 2%.
diageo Shares rose 7.2% in early trading after the spirits maker appointed Dave Lewis as its new CEO on Monday morning. Shares soared after the company lowered its full-year outlook last week, highlighting weakness in the U.S. and Chinese markets.
Shares in Novo Nordisk rose 2.7% after the Danish pharmaceutical giant announced a partnership with Indian pharmaceutical company Emcure Pharmaceuticals to sell its weight-loss drug Wigoby under a new brand under an exclusive agreement. Separately, Novo Nordisk lost. pfizer $10 billion bidding war for obesity biotech expert Mezzala Over the weekend.
Elsewhere in the pharmaceutical industry, Sweden’s camrus The biopharmaceutical stock soared 10.9% in early trading after reporting strong results for its obesity drug CAM2056, which matched or beat those of Wegoby. Zealand Pharma also rose 3.1% on Monday morning.
world stocks
U.S. stock futures rose Sunday night on the prospect of a welcome trade for investors, after concerns over the high valuations of artificial intelligence stocks dominated market sentiment last week.
Markets in Asia-Pacific also rose overnight, avoiding the technology-related losses that plagued markets last week. Asian investors also praised October inflation data released by China over the weekend as better than expected.
Earnings payment deadlines are: hannover re and Mediobanca. In other news, the COP30 climate change summit opens on Monday.
—CNBC’s Liz Napolitano contributed to this market report.
