The rise of European stocks amid investors’ interest in political events and data

European stocks rose on Monday as investors assessed the uncertainty surrounding the US debt ceiling talks and the presidential elections in Turkey and were looking forward to data released this week for clues about the state of the global economy.

The European Stoxx 600 index rose 0.4 percent, with personal and household goods companies, as well as travel and entertainment companies, leading gains.

AXA shares rose 1.7 percent after Europe’s second-biggest insurer said its first-quarter sales rose 2 percent.

Siemens Energy also rose 0.9 percent after the energy group raised its sales forecast and posted a record order backlog of 102 billion euros ($112.28 billion).

Also helping to improve sentiment was data showing that the German wholesale price index fell slightly in April, the first year-on-year decline since December 2020, while other data showed that consumer prices in Sweden fell more than expected in April.

Talks about the US debt ceiling between President Joe Biden and lawmakers seem likely to resume on Tuesday, while broader indications ignore the uncertainty surrounding Turkey’s presidential election heading towards a run-off.