Stocks climbed as traders prepared for a week packed with interest-rate decisions from major central banks. Tesla Inc. was poised to set a record winning streak after a rush of positive news for the electric-car maker.
“The pace at which policy rates are rising is slowing, or coming to a halt, but this does not mean that the hiking cycle has de facto come to an end,” said Kevin Thozet, a member of the investment committee at Carmignac Gestion. “Central banks are dependent on economic data, so we must prepare for a variety of scenarios.”
Energy stocks were the biggest laggards in European trading as oil extended losses amid persistent concerns around the demand outlook, with Goldman Sachs Group Inc. cutting its price forecast again. Miners were also weaker after iron ore slumped almost five per cent, falling for the first time in nine sessions because of worries about weakness in China's property industry.