European stocks climb, tracking global sentiment as dollar weakens
European stocks advanced on Monday as the U.S. dollar weakened, with traders easing expectations of aggressive monetary tightening from the Federal Reserve. The pan-European Stoxx 600 added 0.7% by late morning, with tech stocks climbing 2.6% to lead gains as most sectors and major bourses entered positive territory. Telecoms slid 0.6%. Shares in Asia-Pacific rose on Monday as investors look ahead to major economic data releases later in the week. Japanese stocks led gains among the region’s major markets, with the Nikkei 225 rising 2.19% on the day to 27,369.43 as shares of robot maker Fanuc jumped 4.66%. The Topix index surged 1.86% to 1,922.44. Hong Kong’s Hang Seng index also saw robust gains, closing 2.06% higher at 21,123.93. Over in mainland China, the Shanghai Composite closed 0.6% higher at 3,149.06 while the Shenzhen Component rose 1.043% to 11,310.28. The Kospi in South Korea closed 1.2% higher at 2,669.66. Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine. Brent crude futures gained 46 cents, or 0.4%, to $119.89 a barrel at 0111 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.5%, to $115.67 a barrel, extending solid gains from last week. The EU is due to meet on Monday and Tuesday to discuss a sixth package of sanctions against Russia for its invasion of Ukraine, which Moscow calls a “special operation” to disarm its neighbor. Gold prices firmed in choppy trading on Monday, as a weakening dollar buoyed greenback-priced bullion, although gains were capped by some investors turning to riskier assets in Asia. Spot gold was up 0.2% at $1,856.86 per ounce, as of 0152 GMT. U.S. gold futures edged 0.1% higher to $1,859.40. Markets in the U.S. are closed on Monday for a holiday.