European markets rose on Monday as investors prepared for a week of key central bank meetings in the US, Asia and Europe.
Pan-European Stoxx 600 The index was up 0.23% by 11:30 a.m. London time, while home goods stocks were up 1.15%.
Oil and gas stocks fell 1.2% as oil prices fell ICE Brent crude futures August expired trading at $73.06, down 2.29% from the previous session. Mining stocks were 0.95% lower as the sector continues to react to recent weak Chinese data and demand concerns.
Switzerland’s UBS will cease trading after announcing it has completed its takeover of former rival Credit Suisse. Under the terms of the deal, Credit Suisse shareholders receive one UBS share for every 22.48 shares outstanding.
The bank’s shares extended gains to 1% after Credit Suisse expected operating losses and “significant” restructuring charges to be offset by reductions in risk-weighted assets.
The enlarged UBS Group has a $1.6 trillion balance sheet and 120,000 employees, although CEO Sergio Ermotti has warned of “painful” job cuts to come.
The US Federal Reserve will announce its latest monetary policy move on Wednesday, while the European Central Bank will follow suit on Thursday. The Bank of Japan’s meeting ends on Friday.
As stated therein CME FedWatch toolThere is a 70% chance that the central bank will pause rate hikes at its June meeting.
Asia-Pacific markets traded mixed overnight, while S&P 500 futures were little changed on Sunday night.
