European shares rose on Monday, extending the year's upbeat start to a second week, as China reopened its borders overnight and U.S. and European data soothed nerves about aggressive tightening by major global central banks.
The index clocked its best weekly performance in over nine months on Friday after a clutch of positive data – including strong euro zone factory activity and a drop in the region's headline inflation – indicated a milder-than-expected recession and easing price pressures.
That, along with data showing a tight U.S. labour market, calmed fears that the U.S. Federal Reserve and the European Central Bank would continue with their aggressive monetary policy tightening.
"At a time when everyone has been really focused on the cost-of-living crisis, the engine underneath all of that noise seems to have actually been picking up quite nicely in a way that a lot of people feared it wouldn't."Investors now await the euro zone's unemployment data for November at 1000 GMT for further cues on the strength of the labour market.that have been all but shut since the start of the COVID-19 pandemic.
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