Market Analysis

European stocks started the week on a positive note as investors awaited earnings updates from major banks, while Galp saw a significant surge to a 16-year high following positive results from its gas exploration venture in Namibia.

The STOXX 600 index rose by 0.5% early on Monday, with banking shares leading the gains with a 0.5% increase.

This week, all eyes will be on the earnings reports of European banks, offering insight into whether increased interest rates are still driving profits or if the recent upward trend in share prices will taper off.

Key players such as BNP Paribas, Deutsche Bank, Barclays, and Lloyds are scheduled to release their earnings later in the week.

Galp Energia witnessed a remarkable 17% jump after announcing promising findings from the Mopane field off the Namibian coast, suggesting a potential reserve of at least 10 billion barrels of oil.

Additionally, Alstom saw a 4.9% rise after reaching an agreement to sell its North American conventional rail signalling business to German counterpart Knorr-Bremse AG for approximately 630 million euros ($671 million).

Paraphrasing text from "Investing UK" all rights reserved by the original author.