Pan-European Stoxx 600 edges up: Temenos soars by 8.8%

US markets are closed Monday for Presidents Day.

The Pan-European Stoxx 600 was slightly higher Monday, off the back of largely positive sentiment last week.

The Pan-European Stoxx 600 index provisionally closed up 0.17%, rebounding slightly from a negative morning session. Mining stocks led losses, sinking 1%, while health care stocks were up 0.95%.

Shares of Swiss software company Temenos were up 8.8% on Monday, rebounding from steep losses at the end of last week following a scathing report from short-seller Hindenburg Research.

Shares of AstraZeneca surged 3.4% following the FDA's approval of Tagrisso, a significant development in its cancer treatment offerings. Conversely, German IT firm Bechtle witnessed a 3% decline after Barclays issued an "underweight" rating, citing limited profit prospects for the year ahead.

In Asia-Pacific overnight, stock markets in China rose as traders returned from the Lunar New Year holidays on Monday to upbeat travel data, while Hong Kong stocks fell.

The People’s Bank of China on Sunday held a key policy rate steady as expected, as markets reassessed when the U.S. Federal Reserve might start easing its monetary policy this year.

Fitch forecasts continued strength in metals and mining mergers and acquisitions throughout 2024, driven by miners' pursuit of growth opportunities amid challenging project development conditions. Additionally, the increasing concern over supply deficits is motivating miners to prioritise critical mineral projects in their portfolios, following a notable surge in M&A activity in 2023 fueled by the global energy transition.

Australian shares are expected to open relatively unchanged, influenced by a decline in key commodities amidst apprehensions regarding China's economic outlook. Investor focus remains on forthcoming corporate reports, notably from BHP.

Currency

One Australian dollar at 7.40am was buying 65.39 US cents.

Figures around the globe

European markets closed mixed. London’s FTSE gained 0.22 per cent, Frankfurt fell 0.15 per cent, and Paris closed flat.

Turning to Asian markets, Tokyo’s Nikkei fell 0.04 per cent, Hong Kong’s Hang Seng lost 1.13 per cent and China’s Shanghai Composite added 1.56 per cent..

Yesterday, the Australian share market closed 0.09 per cent higher at 7,665.10.

Ex-dividends
Challenger Limited (ASX:CGF) is paying 13 cents fully franked
Computershare Ltd (ASX:CPU) is paying 40 cents 20 per cent franked
Domain Holdings Aus (ASX:DHG) is paying 2 cents fully franked
Kelly Partners Group (ASX:KPG) is paying 0.4392 cents fully franked
Magellan Fin Grp Ltd (ASX:MFG) is paying 29.4 cents 50 per cent franked
Vicinity Centres (ASX:VCX) is paying 5.85 cents unfranked
Wesfarmers Limited (ASX:WES) is paying 91 cents fully franked

Dividends payable
Centuria Capital Group (ASX:CNI)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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