European Stocks Trade Higher In Final Week Of 2021

European stocks kicked off the last trading week of 2021 with gains on Monday, as traders got one last chance to push the main index toward a record closing high before year-end. Pharmaceutical stocks were among the biggest gainers.

The Stoxx Europe 600 index XX:SXXP rose nearly 0.5% to 484.82, with the German DAX DX:DAX up 0.3% and the French CAC 40 FR:PX1 rising 0.5%. London stocks will be closed Monday and Tuesday for holidays, while Europe will also see a shortened week in some other parts of the world.

The Stoxx 600 is still more than 1% shy of its record close of 489.95, hit Nov. 17, 2021, but may close in on that amid lighter volumes this week. A higher start from bourses in the US, with the S&P 500 on track for another closing high, also was helping sentiment.

Pharmaceutical and technology names were leading the way higher for Monday. Shares of Roche CH:ROG climbed more than 1% after the Swiss pharma group’s at-home COVID-19 tests, which can produce results in as little as 20 minutes, were approved for US emergency-use.

Europe’s COVID-19 cases continue to climb, with France reporting a record 100,000 new daily cases on Sunday, where officials have laid out New Year’s Eve restrictions. The spike being seen across Europe has other governments considering stricter measures. The US is also seeing a spike in cases in certain parts of the country.

Shares of Deutsche Lufthansa fell over 1.5%, in step with US airlines that tumbled as thousands of global flights were scrapped over the holiday weekend, largely due to COVID-19 cases among staff that left airlines unable to fulfill schedules. There were some concerns that New Year’s travel would be no better.

Among technology stocks, heavily weighted ASML Holding shares rose over 1% and SAP climbed 0.5%. Infineon Technologies gained over 2%.