European Stocks Close Slightly Higher

European stocks closed slightly higher on Monday, supported by gains in energy and telecommunications companies, despite increasing concerns about a recession in the eurozone and a decline in the Spanish stock market. The Stoxx 600 index rose by 0.1 percent, hovering near a five-week high. The Spanish index fell by 0.3 percent after earlier reaching its lowest level in nearly a week, following the results of the general elections held on Sunday, which did not result in a clear majority for either the right or left bloc to form a government. A survey indicated a greater than expected slowdown in business activities in the eurozone in July, with declining demand in the services sector and manufacturing output decreasing at the fastest pace since the COVID-19 crisis. Energy stocks rose by 1.5 percent as crude oil prices increased due to a tightening supply and heightened optimism regarding stimulus measures in China. Vodafone Group's shares increased by 4.1 percent after it announced a rise in its revenues for the first quarter.