FX.co ★ European Stocks Start November with Modest Gains

European stocks commenced November with a modest increase, as both the STOXX 50 and STOXX 600 indices rose by 0.2%, after closing October near their record highs. Investors are evaluating a new wave of corporate earnings reports, while also anticipating upcoming market drivers. Gains were noted in the banking and automotive sectors, with Unicredit, BBVA, Deutsche Bank, Mercedes-Benz, and BMW each seeing an increase of over 1%. BP's shares increased by 1.5% following its agreement to sell stakes in its US shale assets to Sixth Street for $1.5 billion. Nokia's shares surged nearly 4%. Meanwhile, Ryanair's stock declined almost 2% despite reporting slightly better-than-expected after-tax profits; the company cautioned that it is still too early to provide detailed guidance for the year. Shares of Davide Campari Milano fell over 2% after Italian tax authorities seized shares valued at $1.5 billion from the holding company managing the drinks manufacturer, amid allegations of tax evasion. BNP Paribas also ranked among the lowest performers with a decrease of 1.4%.