Crowds of shoppers and visitors out on Oxford Street on 28th August 2024 in London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
LONDON — European stocks were higher on Monday, shrugging off more negative sentiment on Wall Street and in Asia-Pacific markets.
The pan-European Stoxx 600 index was up 0.57% by 9:38 a.m. London time, with the majority of sectors and all major bourses trading in the green. Tech stocks led gains, up 1.32%, while travel and leisure stocks were also 1.30% higher.
Burberry shares fell 5.19%, leading wider declines across luxury stocks amid waning fortunes for the sector. The British fashion house was last week relegated from the FTSE 100 index following a steep decline in its share price on weak demand. Shares in Kering and Hugo Boss were also down 3.89% and 1.07%, respectively.
The shift in gear for regional markets comes after a lackluster start to the new trading week in the Asia-Pacific region. Markets there fell overnight, with Japan’s Nikkei 225 leading losses in the region, after the weaker-than-expected U.S. jobs report on Friday.
U.S. nonfarm payrolls rose by 142,000, missing a 161,000 gain estimated by economists polled by Dow Jones. On the other hand, the unemployment rate edged down to 4.2%, in line with expectations. The data has stoked fears of a slowing labor market in the U.S.
U.S. stock futures were lower on Sunday night following a tough week markets stateside; the S&P 500 tumbled 4.3%, registering its worst week since March 2023. The Nasdaq Composite plunged 5.8% for its worst weekly performance since 2022, while the 30-stock Dow dropped 2.9%.
There are no major earnings or data releases in Europe Monday.