Europe Markets: After three down weeks, Europe stocks start higher

Europe stocks on Monday advanced, as government officials across the globe discussed how the world economy could avoid a sharp downturn.

After losing ground for three straight weeks, the Stoxx Europe 600 index SXXP, +0.71%  rose 1% to 373.33, with the hard-hit banking sector SX7E, +1.14%   leading the advance.

The German DAX DAX, +0.89%  climbed 1.23% to 11704.57, the U.K. FTSE 100 UKX, +0.84%  increased 0.99% to 7187.72 and the French CAC 40 PX1, +0.62%  increased 0.94% to 5350.71.

U.S. stock futures ES00, +0.80%   also were stronger.

After a report from Spiegel last week that suggested Germany could deficit spend if it entered recession, Finance Minister Olaf Scholz over the weekend said the country has the strength to counter any economic crisis with “full force,” according to a Reuters report. The yield on the benchmark 10-year bund TMBMKDE-10Y, +3.76%   edged up to -0.67%.

Meanwhile, two White House aides over the weekend gave upbeat assessments of the global economy.

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