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European Stocks Gravitate Higher

EQUITIES

Stocks traded solidly Monday, with European bourses playing catch-up after the late rally in US indices on Friday. The UK's FTSE-100 outperformed, adding over 2.5% in the best session for over a month as the UK hit its primary vaccination targets ahead of schedule. Spanish and French indices also traded well, adding near 2% apiece.

Energy and communication services were the outperformers of the day. Persistent outperformance in Brent and WTI crude futures has underpinned the rally in energy stocks, while defensive consumer staples and healthcare sectors lagged, while still posting gains.

The absence of US players due to the Presidents' Day market holiday kept liquidity light and volumes thin, but this didn't stop the e-mini S&P rallying further. The index hit fresh all time highs at 3952.00.

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