BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks rose broadly on Monday as signs of easing U.S.-China trade tensions helped investors shrug off weak economic data.
The United States and China have agreed to hold off on further tariffs against each other's products and continue their negotiations, potentially giving the world economy a reprieve.
On the data front, a survey showed that Eurozone manufacturing activity contracted for the fifth straight month in June.
Chinese manufacturing activity contracted for the first time in four months in June on trade disputes.
The U.K. manufacturing sector shrank at the fastest pace in over six years in June, as factories reduced production due to weaker demand leading to an erosion of business confidence, results of a survey showed.
The euro area unemployment rate dropped to 7.5 percent in May from 7.6 percent in April while it was forecast to remain unchanged at 7.6 percent.
The pan European Stoxx 600 was up 0.9 percent at 388.18 after rising 0.7 percent on Friday. The German DAX was rallying 1.3 percent, France's CAC 40 index was up 0.9 percent and the U.K.'s FTSE 100 was gaining 1.1 percent.
Nordea advanced 1.4 percent. The financial services group said Casper von Koskull, CEO, will retire from Nordea Bank Abp by the end of 2020.
Deutsche Bank shares jumped 2 percent on a Wall Street Journal report that the German lender is considering cutting up to 20,000 jobs or more than one in six full-time positions globally.
Rio Tinto rose over 1 percent. The mining giant said it had appointed Barbara Levi to succeed Philip Richards as Group executive, Group General Counsel.
Shares of Aston Martin Lagonda Global Holdings advanced 1.6 percent after the luxury carmaker's largest shareholder said it is considering the possibility of increasing its stake in the company.
Future Plc shares soared 9 percent. The platform for specialist media said that its full- year results are expected to be ahead of expectations with the ongoing positive trends that were seen in the first half.
Mining company Fresnillo lost 3 percent after issuing a statement regarding tax treatment of mining works.
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