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European Stocks Rise as Investors Await Economic Data

European stocks rose on Monday morning as investors reflect on the recent U.S. debt ceiling discussion and Turkish election while awaiting a slew of incoming economic data.

The European STOXX 600 index edged 0.2% higher with the insurance and mining sectors spurring the biggest gains. The index has moved only marginal amounts this past month as investors continue to closely monitor how the European Central Bank proceeds with its interest rate hiking campaign in an effort to tame inflation.

“As tighter financial conditions bite, we expect most major advanced economies to slip into recession and wage and price pressures to cool,” Neil Shearing, group chief economist at Capital Economics said with regard to the ongoing inflation issue.

Spanish regional bank BBVA, among those with the largest exposure to Turkey, slipped 3.2% after the country’s election appeared to head into a runoff.

In contrast, Siemens Energy AG gained 3.2%. The company raised its sales outlook after its order backlog hit a record 102 billion euros ($112.28 billion). AXA, Europe’s second-largest insurance company, gained 2.7% after it reported a first-quarter sales growth of 2%.

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