European stocks close in green led by defense shares

ISTANBUL

European stocks closed higher on the first trading day of the week with defense companies seeing gains on the expectation that the impact of the US military intervention in Venezuela on the global economy will be limited.

The pan-European Stoxx 600 index rose 0.94%, or 5.62 points, to close Monday at 601.76. Stoxx 600’s aerospace & defense index surged 4.1%.

Germany’s DAX 40 index climbed 1.34% to end at a record high of 24,868.69 points, while the UK’s FTSE 100 gained 0.54% to end at 10,004.57.

France’s CAC 40 rose 0.2% to 8,211.5, and Italy’s FTSE MIB index added 1.04% to close at 45,847.32 points.

Spain’s IBEX 35 also gained 0.7% to end the day at 17,614.4 points.

Geopolitical developments dominated the markets at the start of the new week, with the US intervention in Venezuela over the weekend and the capture of President Nicolas Maduro leading to increased geopolitical tensions.

The rise in defense stocks pushed indices higher, with shares of German defense giant Rheinmetall rising 9.55%. Shares of tank gearbox manufacturer Renk went up 8.02%, and Hensoldt shares rose 7.98%.

Shares of French defense firm Thales closed the day up 4.93%, Safran up 1.6%, and Dassault Systemes up 3.85%.

Shares of British defense giant BAE Systems also gained 5.83%, and shares of Italian defense and aerospace firm Leonardo rose 5.49%.

• defense Shares
• European stocks markets
• STOXX 600