The pan-European Stoxx 600 rose 0.77%
European markets regain footing as oil prices remain in focus
European stocks regained ground on Monday morning as investors continue to weigh the ongoing unrest in the Middle East and elevated global oil prices.
The pan-European Stoxx 600 rose 0.77% in afternoon trading, with most major bourses and sectors in the green.
The U.K.’s FTSE 100 rose by 0.9%, Germany’s DAX was up 1%, and France’s CAC 40 was up 0.67%. Italy’s FTSE MIB was last seen up 0.6%
Commerzbank shares jumped 8.8% on the news that UniCredit has launched an offer to increase its stake in the German bank to above 30%, a key regulatory hurdle potentially paving the way for a full takeover bid.
The Italian lender’s offer is expected to be at a roughly 4% premium to Commerzbank shares. UniCredit shares were last seen trading up 0.8%.
The U.S. and Israel’s military operation against Iran remains the key focus for global markets. U.S. crude prices climbed Sunday evening, topping $100 per barrel again before falling to $95 upon Monday’s market open, as the White House weighed military strikes on Iran’s key oil export facilities on Kharg Island.
President Donald Trump said in an interview with the Financial Times published on Sunday that his planned trip to China later this month could be delayed as Washington seeks to pressure Beijing to help reopen the Strait of Hormuz.
Asia-Pacific markets fell overnight while U.S. markets rose as Wall Street tried to recover from another losing week.
