The European markets are moderate to notably higher in afternoon trading Monday, after the summit of European Union leaders last week served to soothe investor fears. Sentiment was also influenced by some economic data out of Asia.
The Euro Stoxx 50 index of eurozone bluechip stocks is climbing 1.53 percent, while the Stoxx Europe 50 index, which includes some major U.K. Companies, is adding 1.23 percent.
The German DAX is adding 1.19 percent and the French CAC 40 is advancing 1.29 percent. The UK's FTSE 100 is rising 0.71 percent and Switzerland's SMI is gaining 0.57 percent.
In Frankfurt, HeidelbergCement is advancing 2.4 percent. Deutsche Bank and Commerzbank are rising around 1.9 percent each.
Bayer, Allianz, Basf, Siemens and Adidas are making notable gains.
Linde is losing 3.1 percent. The industrial gases producer agreed to acquire U.S- based oxygen provider Lincare Holdings, Inc. in an all-cash deal of about $4.6 billion.
Fresenius is up 1.2 percent. The firm said Friday that minimum acceptance threshold of over 90 percent was not reached at the end of the offer period for private hospital operator Rhoen-Klinikum. Substantial trading volume was seen on the final day of the acceptance period, after rival Asklepios Kliniken built a stake of over 5 percent in Rhoen-Klinikum. Shares of Rhoen-Klinikum are plunging around 10 percent.
In Paris, Credit Agricole is climbing 6.9 percent. BNP Paribas and Societe Generale are advancing 3.8 percent and 1.9 percent, respectively.
Renault is up 1.6 percent while Peugeot is losing 1.6 percent.
In London, Barclays, which was fined 290 million pounds last week for attempting to manipulate the inter-bank lending rate, is gaining 3.4 percent after the lender's chairman Marcus Agius resigned. Lloyds Banking is up 1.6 percent and insurer Aviva is climbing 3.3 percent.
Essar Energy is adding 3.2 percent. The firm agreed to sell a 50 percent stake in an offshore gas exploration block in Vietnam to Italian oil firm Eni SpA.
Heritage Oil is climbing 5.3 percent. The company has agreed to buy certain oil assets in Nigeria for $850 million.
Vestas is falling 6 percent in Copenhagen.
Akzo Nobel is down 0.3 percent in Amsterdam. The stock was cut to "Underweight" from "Neutral" at JPMorgan.
AB Inbev is up 1.8 percent in Brussels. Societe Generale raised the stock to "Buy" from "Hold."
Citigroup raised Unicredit to "Most Preferred List." The stock is flat in Milan.
In economic news, Eurozone unemployment rate rose to a record 11.1 percent in May from 11 percent in April, matching economists' expectations, Eurostat said.
An indicator measuring the performance of the British manufacturing sector rose more than expected in June, but the index still pointed to a decline in activity rates. A survey by Markit Economics showed that the purchasing managers' index for the manufacturing sector rose to 48.6 in June from May's three-year low of 45.9. Economists expected an increase to 46.5.
The Bank of Japan's quarterly Tankan survey showed that sentiment for its large manufacturers' index showed a marked improvement in the second quarter, climbing to a score of -1. The headline figure beat expectations for a score of -4, which would have been unchanged from the previous three months.
Across Asia/Pacific, Australia's All Ordinaries added 0.89 percent, while China's Shanghai Composite Index edge up 0.03 percent. Japan's Nikkei 225 edged down 0.04 percent.
In the U.S., futures point to a higher open on Wall Street. In the previous session, stocks moved sharply higher with much of the strength stemming from a positive reaction to the latest developments in Europe. The Dow jumped 2.2 percent, the Nasdaq soared 3 percent and the S&P 500 surged up 2.5 percent.
In the commodity space, crude for August delivery is losing $1.23 to $83.73 per barrel and August gold is falling $12.1 to $1592.1 a troy ounce.
by RTT Staff Writer
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