Plus   Neg

European Shares Rebound From Six-month Lows


European stocks rallied on Monday after major U.S. stock indexes rebounded in the last session on news that lawmakers have managed to end a brief government shutdown with a bill raising spending caps and funding the government until March 23rd.

Oil prices rebounded after six straight days of declines and German Chancellor Angela Merkel vowed to serve another full four-year term, helping buoy investor sentiment on a light day on the economic front.

The pan-European Stoxx Europe 600 index was up 1.39 percent at 373.77 in late opening deals after tumbling 1.5 percent on Friday to end at its lowest level since August.

The German DAX was rallying 1.8 percent, France's CAC 40 index was rising 1.4 percent and the U.K.'s FTSE 100 was up 1.2 percent.

Mining stocks were broadly higher, with Antofagasta, Glencore, Rio Tinto and Anglo American climbing 2-3 percent.

Tullow Oil jumped 3 percent and Total SA advanced 1.7 percent as oil prices rose about 1 percent amid heightened Middle East tensions.

Pharmaceutical giant Novartis, which is facing a bribery probe in Greece, was up 1.8 percent.

Akzo Nobel rose nearly 2 percent amid reports that PGGM has joined forces with a consortium led by a private equity firm to buy its chemicals division.

Saga shares climbed 3 percent. The British tourism and insurance group for the over-50s has entered into a new quota share arrangement with NewRe and Hannover Re to cover 80 percent of the underwriting risk of motor policies of the Group's in-house underwriter.

Automaker Renault rose 1.4 percent in Paris after a senior board member reportedly resigned from the company, days ahead of a meeting to consider Chief Executive Carlos Ghosn successor's appointment.

Brewer Heineken NV lost 2 percent after guiding for lower margin growth in 2018.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT