European Stocks Close Higher

European stocks closed higher on Monday, recovering some of the initial losses of the year, led by gains in technology and retail shares, while energy stocks declined following a drop in crude oil prices. The Stoxx 600 index rose 0.3 percent after a decline of 0.7 percent earlier in the day. Among the biggest gainers was the technology sector, which increased by 1.2 percent, ending a six-day losing streak, while retail stocks also gained 1.2 percent, marking their first gain in seven sessions. Meanwhile, oil and gas shares fell 2.6 percent on Monday as crude oil prices dropped by more than three percent following sharp price cuts from Saudi Arabia and increased OPEC production. Shell’s stock lost 3.1 percent after the oil giant announced impairment charges of up to $4.5 billion in the fourth quarter. Airbus stock rose 2.5 percent after the U.S. Federal Aviation Administration ordered a temporary halt to the flight of some Boeing 737 Max 9 aircraft, its competitor.