European shares are higher Monday, as investor sentiment gains a boost from a variety of news. That includes positivity ahead of the next round of US-China trade-related talks, news that Greece has finally emerged from its EU bail-out period and confidence that the situation in Turkey isn’t set to worsen any time soon.
By around 1335 BST, the EUROSTOXX 600 was 0.65% higher, while the EUROSTOXX 50 rose 0.70%. Regional bourses were also upbeat. The German DAX gained 1.14%, the French CAC was 0.67% in positive territory, the Spanish IBEX was up 0.50% and the Greece ATHEX 20 was 0.82% in the green.
Investors focus on broader backdrop
As the latest earnings season comes to an end, investor focus has returned to the broader backdrop for direction. As such, the new week has begun on a positive note amid a trio of positive news.
First of all, following increasing trade-related tensions between the US and China, investors are upbeat ahead of the latest set of talks between the two countries.
Separately, after revealing its huge deficit in 2010 and negotiating three subsequent bailouts, Greece has Monday emerged from its EU bail-out period. That mean that the country is once again able to financially support its own economy, with no additional funding from the EU.
In addition, after a worrying week for Turkey, in which the lira slumped against the US dollar and fears grew that the economy was spiralling into crisis, the signs Monday are that the currency has stabilised and there are currently few reasons to expect it to worsen.
Among the notable stock movers is French oil giant, Total shares. Iran’s oil minister reportedly said earlier Monday that Total has withdrawn from a major gas field project in the country, likely as it was unable to secure a waiver from the US sanctions on Iran.
Total shares were 1.23% higher at $52.95.