European stocks kicked off 2023 on a high note as traders scooped up equities at a discount following steep falls across global markets last year.
The regional Stoxx 600 rose 1 per cent on Monday after the index fell 12.9 per cent in 2022 in its worst year since 2018. France’s Cac 40 rallied 1.9 per cent on Monday, Spain’s Ibex rose 1.7 per cent, Italy’s FTSE Mib gained 1.9 per cent and Germany’s Dax drifted 1.1 per cent higher. Markets in London and New York were closed for public holidays.
Global equities and bond markets shed more than $30tn in 2022, as central bank rates rises and the war in Ukraine triggered heavy losses. The MSCI All World share index lost 19.8 per cent of its value, with many pandemic-era high flyers such as electric carmaker Tesla tumbling.