In their first trading session of the year on Monday, European stocks ended higher and were led by defensive utilities such as E.ON (EONGn.DE) and GDF Suez (GSZ.PA), while volumes were anemic as UK and U.S. markets remained closed for the New Year holiday.
The FTSEurofirst 300 .FTEU3 index of top European shares provisionally closed 1 percent higher at 1,011.14 points, which is its highest close in two months.
A number of traders and analysts warned about the risk of hangover from the brisk two-week Christmas rally when most investors come back to work later in the week.
“The odds for a post-party headache will indeed be high,” Saxo Bank trading advisor Didier Abbato said. “The bad news is that Santa did not deliver on a quick fix solution to Europe’s financial troubles.”
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