European Stocks See Marginal Gains Amid Market Fluctuations

European stocks saw slight gains, led by Orsted as Equinor purchased a stake. Rate-sensitive stocks like real estate limited gains. The STOXX 600 increased by 0.1%, with banks leading, while real estate and utilities dipped. Investor morale rose unexpectedly in October amid China-driven luxury stock optimism.

European stocks recorded marginal gains on Monday, with notable upward movement from Orsted, after Norway's Equinor acquired a stake in the offshore wind developer. Rate-sensitive sectors, such as real estate and utilities, curtailed broader gains.

The STOXX 600 index closed up by 0.1%, led by robust performances in bank shares. In contrast, the real estate and utilities sectors faced declines of 1.4% and 0.5%, respectively. German stocks fell by 0.1% in response to larger-than-expected declines in industrial orders for August. Additionally, Germany's economy ministry forecasts a 0.2% contraction in 2024, marking the second consecutive year of economic downturn.

Investor sentiment improved unexpectedly across the eurozone in October, buoyed by rising expectations despite a low satisfaction rate for the current economic situation. The luxury sector saw broad gains, driven by expectations around China's economic stimulus, with French luxury brands Kering, LVMH, and Hermes surging between 1.2% and 4.6%.

(With inputs from agencies.)