BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks traded higher on Monday, extending gains from the previous session after U.S. President Donald Trump and Iranian leaders said a deal has been agreed to end more than 100 days of war. World leaders welcomed the emerging agreement and urged its swift implementation.
In remarks delivered during a monetary policy conference in Frankfurt, European Central Bank (ECB) Governing Council member Joachim Nagel stated that it will take months for global oil supply to normalize following recent disruptions.
In economic releases, Destatis reported that German wholesale prices increased 5.9 percent year-on-year in May after rising 6.3 percent in April due to the reduction in the energy tax on mineral oil products.
Eurozone industrial output data and foreign trade may garner some attention later in the day.
The pan-European STOXX 600 jumped 0.8 percent to 638.52 after surging 1.9 percent on Friday.
The German DAX rallied 1.4 percent, France's CAC 40 climbed 1.2 percent and the U.K.'s FTSE 100 edged up by 0.2 percent.
Airline and luxury stocks were among the prominent gainers, while energy stocks slumped as Brent crude futures tumbled over 4 percent toward $83 a barrel, hitting a three-month low.
Bayer AG rose about 1 percent after its low-dose Gadoquatrane received FDA approval in the U.S.
Schneider Electric rallied 3.5 percent after it announced a partnership with Foxconn for AI data centers.
Frasers Group dropped 1.3 percent after it launched an all-cash takeover offer for Accent Group.
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