BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks closed on a firm note on Monday, rebounding strongly after recording their biggest weekly loss in several months last week. Encouraging eurozone economic data and bargain hunting contributed to the uptick in the markets.
Investors continued to track updates on the coronavirus front and also looked ahead to the upcoming Jackson Hole Symposium, due later this week. Fed Chairman Powell is expected to provide more details about the timeline of tapering of the central bank's bond-buying programme and the outlook for the economy.
The pan European Stoxx 600 climbed 0.66%. The U.K.'s FTSE 100 gained 0.3%, Germany's DAX ended 0.28% up and France's CAC 40 surged up 0.86%, while Switzerland's SMI moved up nearly 0.5%.
Among other markets in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Iceland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkey closed with sharp to moderate gains.
Denmark and Ireland edged up marginally.
In the UK market, Sainsbury (J) soared more than 15% after a report an American private equity firm is exploring a takeover of the supermarket chain.
Rolls-Royce Holdings, Everaz, Burberry Group, Prudential, Glencore, BP, Royal Dutch Shell, Antofagasta, B&M and Tesco gained 2 to 3.3%.
Pearson, Weir Group, Ocado Group, Ashtead Group, Anglo American Plc, DCC and Fresnillo also closed notably higher.
BT Group shares declined 3%. Pershing Square Holdings shed about 1.7%, while Smith & Nephew, AstraZeneca, Berkeley Group Holdings, Persimmon and National Grid lost 1 to 1.25%.
In France, Kering climbed more than 3%. LVMH gained 2.5%, while Hermes International, Air France-KLM, Airbus, Credit Agricole, Societe Generale, Technip, Renault, Valeo and Accor gained 1 to 1.5%.
In the German market, Adidas, Deutsche Bank, Thyssenkrupp, HeidelbergCement and Volkswagen gained 1 to 1.8%.
BioNTech jumped 4 percent on the buzz the U.S. FDA was aiming to give full approval to its partner Pfizer's COVID-19 vaccine by Tuesday.
Vonovia shares declined more than 2% after the German residential real estate company launched its voluntary public takeover offer for shares of Deutsche Wohnen.
Swiss stock Cembra Money Bank plummeted more than 30% after terminating credit card partnership with Swiss retailer Migro.
In economic news, Eurozone private sector logged one of the strongest growth seen over the past two decades in August as the further reopening of the economy underpinned expansion in the services activity, flash survey results from IHS Markit showed.
The flash composite output index declined to 59.5 from a 15-year high of 60.2 in the previous month. The reading was forecast to fall marginally to 59.7.
The services Purchasing Managers' Index came in at 59.7, while the score was expected to remain unchanged at consensus 59.8. The manufacturing PMI fell to 61.5 from 62.8 a month ago. The reading was forecast to drop to 62.0.
The German economy continued to grow strongly in August despite further constraints on manufacturing production, flash survey results from IHS Markit showed. The composite output index dropped to 60.6 from 62.4 in July. The score was forecast to fall to 62.2.
The services Purchasing Manager' Index fell to 61.5 from 61.8 in July, but the score was above economists' expectations of 61.0. The factory PMI declined to a six-month low of 62.7 from 65.9 a month ago. The expected level was 65.0.
France private sector logged another strong growth in August but the pace of expansion moderated slightly, flash survey results from IHS Markit showed. The flash composite output index fell to a four-month low of 55.9 in August from 56.6 in July.
The factory Purchasing Managers' Index came in at 57.3, down from 58.0 in July. The reading came in line with economists' expectations. The services PMI dropped unexpectedly to 56.4 from 56.8 in the previous month. The score was forecast to rise to 57.0.
The UK private sector growth eased sharply in August largely due to staff shortages and supply chain issues, flash survey results from IHS Markit and the Chartered Institute of Procurement & Supply showed.
The flash composite output index decreased to a six-month low of 55.3 in August from 59.2 in July. The score was forecast to drop to 58.4.
The services Purchasing Managers' Index fell to 55.5 from 59.6 in July. The expected level was 59.0. The manufacturing PMI came in at a five-month low of 60.1 versus 60.4 in the previous month. The reading was forecast to drop to 59.5.
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