European shares rose in the first trading session of 2023 on Monday as euro zone manufacturing data suggested the worst had passed after a year marred by fears of a recession as central banks hiked rates globally.
"With 10-year bund yields above 2.50%, relaxed year-end trading and the probable drop in HICP inflation are raising hopes for an upbeat start into the year," Commerzbank Research analysts said in a note, referring to the euro zone consumer prices inflation data due later this week.likely passed its trough
as supply chains begin to recover and inflationary pressures ease, leading to a rebound in optimism among factory managers. The STOXX 600 ended 2022 with sharp losses, driven by central banks' aggressive policy tightening to rein in soaring prices, an economic slowdown, the Russia-Ukraine conflict that fanned inflationary pressures and growing concerns over COVID cases in China., among the worst-performing shares last year, rose 1.5% on the day, despite more hawkish signals from the European Central Bank.
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