Europe opens higher with economic data, Xi Jinping in focus

European stock markets opened higher on Monday, buoyed by investor optimism following signals that the European Central Bank (ECB) could potentially cut interest rates as soon as June. The day will bring the latest batch of PMI data from the region, while the British and Irish indices will not trade due to a public holiday.

Earlier, it was announced that Ulrich Korner, currently the CEO of Credit Suisse, will soon be leaving UBS. Moreover, investors will closely monitor Chinese President Xi Jinping’s tour of Europe, which began today in Paris. In addition to France, the Chinese leader is expected to visit Hungary and Serbia.

At 9:00 am CET, the DAX gained 0.29%, with Siemens Energy AG up 2.18%. A minute later, the CAC 40 added 0.20%, while Teleperformance improved by 1.16%. At 9:02 am CET, the pan-European Euro Stoxx 50 edged up 0.22%, and Vonovia led gains, trading 3.12% higher.

The euro was flat against the dollar at 8:58 am CET, selling for $1.07634. In comparison, the pound was up by 0.08% to go for $1.25561 at the same time.