European stock markets extended their gains on Monday, led by Germany's DAX, which soared more than 2.7%. According to the latest data, inflation in the euro area fell to 2.4% in February, while manufacturing activity recovered somewhat, although the sector continued to contract overall. Meanwhile, defense companies saw an uptick in their stock price as European leaders insisted on the need to boost the continent's defense spending.
The DAX jumped by 2.79% at 1:46 pm CET and the Euro Stoxx 50 rose by 1.37%. The CAC 40 was up by 1.49% and the FTSE 100 increased by 0..89% a minute later.
The euro traded 0.93% higher compared to the dollar and went for 1.04709 at 1:42 pm CET. The EU currency gained 0.16% against the pound, selling for 0.82605.
