European Shares Rise As Brexit Talks Begin

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(RTTNews.com) – European stocks rallied on Monday as French president Emmanuel Macron’s party scored an overwhelming victory in the second round of parliamentary elections and Brexit talks got underway in Brussels.

Meanwhile, on a light day on the economic front, data from Eurostat showed that Eurozone construction output recovered in April after declining in March. Construction output rose 0.3 percent month-on-month in April, reversing a 1.1 percent fall in March.

The pan-European Stoxx Europe 600 index was up 0.6 percent at 390.83 in late opening deals after rising 0.7 percent on Friday.

Banks rose broadly, with Commerzbank, Deutsche Bank, BNP Paribas, Credit Agricole and Barclays climbing 1-2 percent.

Higher iron ore prices lifted mining stocks, with Antofagasta, Glencore, Rio Tinto Plc and Anglo American rising more than 1 percent each.

Rolls-Royce shares advanced 2.5 percent in London. The engine maker said last week that it had started 2017 well, with all businesses performing in line with expectations.

Ocado shares soared 7 percent on speculation that it could become an acquisition target for Amazon. Marks Spencer Group rose 2 percent and J Sainsbury rallied 2.5 percent.

Novartis rose half a percent. The Swiss drugmaker has received European approval for a blood cancer treatment known as Rixathon.

On the flip side, Cairn Energy tumbled 3 percent after the Indian Income Tax Department ordered coercive action against the company to recover Rs 10,247 crore of retrospective tax.

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