Bank stocks support European stock markets

European stock markets indices rose on Monday, boosted by banks and insurance companies, which are strongly affected by interest rate movements, as government bond yields continued to rise, while the atmosphere also improved with hopes of a peace agreement to end the Ukraine crisis.

The pan-European Stoxx 600 index rose 0.7 percent, close to its pre-war level recorded last week. The index is now at a level less than eight percent from its highest level ever recorded in early January.

The European banking index jumped 2.3 percent after Wall Street’s gains on Friday.

European and US bond yields rose again on Monday.

Meanwhile, crude oil prices fell more than $5 a barrel on Monday after Shanghai, the Asian financial hub, began a two-stage shutdown to contain the spread of COVID-19.