BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks inched higher in cautious trade on Monday after steep losses in the previous session on concerns over deepening U.S.-China trade tensions.
Traders kept a close eye on the Group of Seven (G-7) summit in the Biarritz, France, in the midst of a very serious global situation.
On a light day on the economic front, survey results from Munich-based Ifo institute showed that German business confidence weakened more than expected in August to the lowest since late 2012.
The business climate index fell to 94.3 in August from revised 95.8 in July. This was the lowest since November 2012 and below the forecast of 95.0.
The pan European Stoxx 600 was virtually unchanged at 371.34 after declining 0.8 percent on Friday.
The German DAX was moving up 0.2 percent and France's CAC 40 index was rising half a percent while the U.K. markets remain closed for a bank holiday.
Deutsche Bank shares edged down slightly. The German lender and UBS Group held talks to combine their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported citing people familiar with the talks.
Residential property company Vonovia fell 2.3 percent and Deutsche Wohnen lost 4.8 percent after reports that Berlin's city government is planning to cap rents.
French mass media conglomerate Vivendi was moving lower on saying it plans to vote against the proposed merger of Mediaset into Media for Europe NV at Mediaset's extraordinary shareholders meeting.
EssilorLuxottica shares advanced 1.3 percent. Reuters reported that U.S. hedge fund Third Point LLC had built a stake in the Ray-Ban sunglasses maker.
Copyright RTT News/dpa-AFX
© 2019 AFX News
