10/17/2022, 5:31 PM (Source: TeleTrader)
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Europe closes higher, DAX surges over 200 pts

Major European stock exchanges closed the trading session on Monday with gains, as market participants look forward to the release of the inflation report in the Euro Zone later this week, while digesting the news on the reversal of the mini-budget tax measures in the United Kingdom.

The upward trend continued throughout the session after the British government bond yields slipped following the remarks by the newly-appointed Chancellor of the Exchequer Jeremy Hunt regarding the controversial tax plan.

Frankfurt's DAX surged by 1.75% or 217 points. Vonovia was its best performer, scoring 5.25% at the closing bell. The CAC 40 soared by 1.89%, as Renault S.A. jumped by 4.28%. London's FTSE rose by 0.92%, with Land Securities Group Plc. pulling the index up by 5.36%.

The euro gained 0.91% against the American currency, going for $0.98098 at 5:32 pm CET. The pound sterling skyrocketed by 2.13% against the dollar, to change hands to $1.14090 a minute later.

Baha Breaking News (BBN) / AB