European equities rose higher on Monday as global investors watched the progress towards a US Covid relief bill against the backdrop of rising securities.
The pan-European Stoxx 600 climbed 0.5% in early trading, with banks adding 1.9% to make progress as almost all sectors and major wallets progressed. Utilities slipped 0.7%.
Future contracts linked to major US indices gave up overnight gains to turn negative on Monday morning, as further rises in bond yields still raised fears that central banks would tighten policy sooner than expected. The standard ten-year U.S. treasury yield moved above 1.59% early Monday.
The earlier increase in futures contracts came after the Senate passed a $ 1.9 billion economic relief and stimulus bill on Saturday, paving the way for the expansion of unemployment benefits, another round of stimulus controls and assistance to state and local governments.
The Democratic House will pass the bill later this week. President Joe Biden is expected to sign it into law before the March 14 unemployment benefits program expires.
In terms of the individual share price movement, the Swiss manufacturer of heating and ventilation Belimo climbed by more than 8% after a strong earnings report.
Stocks that benefited from lock-in measures and homework slipped to the bottom on Monday, with TeamViewer and Hellofresh both falling about 5%.
CNBC’s Jesse Pound and Saheli Roy Choudhury contributed to this market report.
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