European stocks open higher, focus on ECB decision

European stocks started the week on a positive note, reflecting the gains seen on Wall Street, where the Standard & Poor’s index reached a record high in the previous session. Traders are eagerly awaiting the upcoming monetary policy decision from the European Central Bank scheduled for later in the week.

As of 0810 GMT, the European STOXX 600 index showed a 0.7 percent increase, recovering from a 1.5 percent decline the previous week. Additionally, technology stocks in the euro zone experienced a notable 1.2 percent rise on Monday.

Contributing to the sector’s gains was the 2.2 percent increase in ASML Holding’s stock after Bernstein upgraded the rating of the Dutch semiconductor equipment manufacturer from “perform in line with the market” to “outperform.”

Market attention is currently centered on the European Central Bank’s monetary policy decision scheduled for January 25, as investors seek insights into the potential timing of interest rate cuts.

Furthermore, positive market momentum was fueled by the announcement from French gaming company Française de Joux regarding its offer to acquire Kindred, a company specializing in online games, in a deal valued at $28 billion. This development resulted in a 16.8 percent surge in Kindred shares, while Française de Joux shares rose by nearly five percent.