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European stocks closed the session on a strong note as the Euro STOXX 50 advanced by 0.7%, and the STOXX Europe 600 increased by 0.8%. This rise marks a continuation of the rebound following Friday's tech-driven downturn, as investors set aside short-term market fluctuations. The uptick was widespread, although the defense sector experienced some pressure. This occurred after Ukrainian President Volodymyr Zelenskyy suggested that Ukraine might abandon its longstanding ambition to join NATO in favor of other security assurances. This development has sparked optimism regarding the resumption of peace talks in Berlin. As a result, shares of Rheinmetall dropped by 2.6%, with Hensoldt and Renk also experiencing declines, impacting defense companies that had seen significant growth earlier this year. In contrast, selected sectors showed resilience, contributing to the overall market boost. Investors remained keenly focused on anticipating central bank activities scheduled for this week. Major announcements are expected from the European Central Bank, the Bank of England, Sweden's Riksbank, and Norway's Norges Bank, all of which are anticipated to maintain current interest rates while providing updated economic forecasts.
