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European Shares Rise At Midday As Brexit Talks Begin

BRUSSELS/FRANKFURT/PARIS (Alliance News) - European stocks rallied on Monday as French ...

Alliance News 19 June, 2017 | 11:55AM
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BRUSSELS/FRANKFURT/PARIS (Alliance News) - 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% month-on-month in April, reversing a 1.1% fall in March.

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

The German DAX was rising 0.7%, France's CAC 40 index was climbing 0.8% and the UK's FTSE 100 was moving up half a percent.

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

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

Rolls-Royce shares advanced 2.5% 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% on speculation that it could become an acquisition target for Amazon. Marks & Spencer Group rose 2% and J Sainsbury rallied 2.5%.

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% after the Indian Income Tax Department ordered coercive action against the company to recover Rs 10,247 crore of retrospective tax.

Copyright RTT News/dpa-AFX

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