European markets move higher as Brexit talks take center stage; Ocado jumps 6.7% – CNBC

<!– –>

European bourses were higher in early morning deals on Monday, as investors shifted their attention to political events across Europe.

The pan-European STOXX 600 moved 0.79 percent higher shortly after the open with all sectors and major bourses trading in positive territory.

Autos stocks were leading the gains in Europe on Monday, with every stock in the sector trading higher in early morning trading. PSA shares jumped by around 2 percent after the Paris-based firm reportedly received an average recommendation of “hold” by 18 analysts covering the company.

Ocado surged to the top of the benchmark on Monday as the British online grocery company is considered a target of after its bid to purchase Whole Foods last week. Shares jumped almost 7 percent on the news.

Investors in Europe will be keeping a close eye on the political sphere in the region on Monday, as U.K. Brexit Secretary David Davis goes to Brussels to begin negotiations.

The meeting – which is expected to see a structure for the negotiations be laid out along with an opportunity to build trust – marks almost one year since the U.K. voted to leave the European Union.

The discussions also come less than two weeks after Theresa May and her Conservative Party lost their overall majority in parliament, adding more uncertainty to the current state of British politics. Investors will be paying close attention to the pound during this week, to see how it reacts to any key news.

Sticking with the U.K., British stocks – in particular travel and leisure – will be closely watched on Monday. This comes after news that a vehicle drove into a crowd of people near a mosque in the Finsbury Park area of London, authorities said early Monday morning. According to the Metropolitan police, there were a number of casualties, with one man pronounced dead at the scene.

Elsewhere, French President Emmanuel Macron strengthened his political position over the weekend, after securing a majority in the country’s parliamentary election on Sunday.

Not a Scientific Survey. Results may not total 100% due to rounding.

Major airline and defense stocks will be in focus on Monday, as leading plane giants head to the International Paris Air Show in France, to hunt out multimillion or even multibillion-dollar deals.

Markets in Asia were posting solid gains ahead of Europe’s opening bell, with markets paying a close eye on news out of Europe, including the Brexit talks and the attack in London.

In oil, crude futures were under slight pressure in early morning trade, as concerns over a steady rise in U.S. production added fears over a glut in the market. At 6.30 a.m. London time, Brent was hovering around $47.22, while U.S. crude traded around $44.59.

—Reuters and Everett Rosenfeld contributed to this report.

Follow CNBC International on Twitter and Facebook.

European markets move higher as Brexit talks take center stage; Ocado jumps 6.7% – CNBC

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>