European markets climb despite fears for global growth; Stoxx 600 up 1%

LONDON — European stocks were higher on Monday despite fears over the global economy dominating market sentiment of late.

The pan-European Stoxx 600 climbed 1.1% in early trade, with basic resources adding 2% to lead gains as all sectors and major bourses entered positive territory.

Siemens Gamesa shares jumped 6.4% in early deals to lead the European blue chip index after Siemens Energy offered to buy all outstanding shares of the renewables firm for 4.06 billion euros ($4.29 billion).

The higher trade in Europe comes after regional markets closed higher on Friday after a volatile trading week.

Despite the higher close, European stocks still logged a negative week, while US stocks fell on Friday, extending losses from earlier in the week and putting the S&P 500 on the cusp of a bear market.

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US stock futures rose sharply in early premarket trade on Monday after the Dow Jones Industrial Average fell for its 8th straight week amid a broader market sell-off. Shares in the Asia-Pacific region were mixed on Monday as global concerns continued to plague investors.

The World Economic Forum kicks off in Davos this week, bringing together political and business leaders from around the world. This year’s summit comes after several years of Covid-19 pandemic and amid Russia’s invasion of Ukraine, which is expected to feature at the top of the agenda.

CNBC will be speaking to a variety of leaders at the forum, with the CEOs of UBS, Edelman, SAP and EY Monday, as well as the chairman of the State Bank of India, the chairman of Credit Suisse and Swedish finance minister, among others .

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