European stock markets close higher; eurozone services PMI rebounds

Investing.com -- European stock markets closed higher Monday, boosted by a modest recovery in the region's services industry ahead of the release of key US employment data. 

At 11:45 ET (16:45 GMT), Germany’s DAX climbed 1.6%, France’s CAC 40 advanced 2%, while the UK’s FTSE 100 gained just 0.3%. Eurozone services activity recovers

Overall activity in the eurozone economy contracted for a second straight month in December, but the data offered some good news as there was a modest recovery in the services industry.

HCOB's final composite Purchasing Managers' Index for the bloc, compiled by S&P Global and seen as a good gauge of overall economic health, rose to 49.6 in December from November's 48.3.

The headline index was boosted by the bloc's dominant services sector, whose PMI bounced back above breakeven to 51.6 from November's 49.5, but was weighed down by a sharper decline in factory activity.

That said, investor morale in the eurozone fell in January to its lowest in more than a year, a survey showed on Monday, with Germany remaining a continued drag on the bloc.

The Sentix index for the eurozone dropped to -17.7 in January, the lowest level since November 2023, from -17.5 in December. Volkswagen (ETR:VOWG_p ) andXpeng deepen EV collaboration

Volkswagen (ETR:VOWG ) stock rose over 3.6% after the German auto giant and China’s Xpeng (NYSE:XPEV ) announced plans to strengthen their partnership to create one of the largest super-fast EV charging networks in China. 

The automakers currently offer a combined 20,000 charging stations across 420 cities, which will now be accessible to customers of both brands.

Going forward, the two companies are exploring opportunities to establish co-branded super-fast charging stations, underscoring their commitment to expanding EV infrastructure in the world's largest auto market. Oil prices edge higher

Oil prices edged higher Monday, with traders bracing for economic updates from the US, including Federal Reserve guidance and payroll data expected later in the week.

By 11:45 ET, Brent crude futures rose 0.4% to $76.83 per barrel, while WTI crude futures climbed 0.4% to $74.25 a barrel.

(Navamya Acharya contributed to this article.)

Source: Investing.com