European Shares Climb On Iran Diplomacy Hopes
(RTTNews) - European stocks were mostly higher on Monday while oil prices fell about 5 percent after U.S. President Donald Trump cancelled planned military strikes on Iran and said there is a 'good chance' of progress in talks aimed at ending months of fighting.
It is said that negotiators are trying to break the deadlock over transit fees and the management of the Strait of Hormuz.
The pan-European STOXX 600 rose 0.4 percent to 651.48 after ending a volatile session marginally lower on Friday.
The German DAX surged 1.3 percent and France's CAC 40 climbed 1.1 percent while the U.K.'s FTSE 100 was marginally lower.
In corporate news, TotalEnergies fell 1.2 percent after the French energy major agreed to acquire Shell's 4 GW renewables business while selling a 50 percent stake in a 1.2 GW renewables portfolio to KKR. Shell shares were down about 1 percent.
Clarkson, a provider of shipping services, jumped 6.7 percent in London after reporting record first-half profits.
Assa Abloy advanced 1.5 percent after the Swedish door-opening and access products provider signed an agreement to acquire Gunnebo Entrance Control for an undisclosed amount.
Swiss generics and biosimilars drug company Sandoz fell nearly 1 percent after it reached settlement agreements with 43 US states and territories and indirect reseller plaintiffs to resolve all pending generic pricing litigation claims.
German motion control products maker Stabilus rallied 4.3 percent after reporting a sharp rise in third-quarter net profit, helped by a one-off gain from the sale of subsidiaries.
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